Form 1099-K

Beginning for tax year 2011, banks that process credit cards and third party networks like paypal have to report payments to recipients on new form 1099-K, Merchant Card and Third Party Network Payments. The 2011 tax forms have line items on Schedules C, E, and F where the information from the 1099-K is to be reported. However, the IRS backed off of requiring compliance for 2011 due to possible problems with this new form.  I bet the reporting will fully be in place for 2012.