Per the IRS, one receives a Form 1099-K for third-party payments (example: credit card payments received) from each payment settlement entity from which you received payments in settlement of reportable payment transactions. A reportable payment transaction is defined as a payment card transaction or a third party network transaction.
And, the IRS requires any person or company who makes certain types of payments to report them on a 1099-MISC to the recipient and the IRS. This informational form covers a wide range of payments you receive, such as rent, royalties, prizes and awards and substitute payments in lieu of dividends.
