The Internal Revenue Service has released a clarification for how to report credit and debit card transactions on the new Form 1099-K information-reporting form.

For tax year 2011 the IRS said on its Web site that it has deferred the requirement to separately report the amount of merchant card and third-party network payments from Form 1099-K on your tax return. Instead, all gross receipts of a trade or business should be reported as usual on the line indicated on Schedules C and/or E. 

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