Thank you for your response. I will explore the IRS link as well.
However, here's my issue - If someone uses his/her PayPal account as they please, similarly someone would use bank account, for all year around payments, including but not limited to payments to friends and family, coffee & donuts from the local store, payments to local stores, any purchase and payment one can think of from Amazon to eBay, you name it, how could Form 1099-K be relied upon because the total transactions (for personal and perhaps business payments, maybe business) exceed 200 and the total payments exceed $20k?
