As a payment settlement entity (PSE), Yapstone is required by the IRS to report gross sales volume for any merchant processing payments with Yapstone.. (Please note certain States also require Yapstone to report a merchant’s gross sales volume.) You can think of the Form 1099-K like the W-2 that your employer issues to you and reports to the IRS every year. Informational reporting is the IRS’s method of encouraging increased voluntary tax compliance.
Articles in this section
- Form 1099-K: An overview
- What is a Form 1099-K?
- What is the purpose 1099-K reporting?
- When will I receive my Form 1099-K?
- How is the “gross amount” defined on the 1099-K?
- What are the Form 1099-K thresholds?
- What is a Federal “TIN” or Tax Identification Number?
- I don’t want a 1099-K, I already report my income to the IRS – why do you need to report as well?
- You’ve issued my 1099-K to my LLC, but my LLC was not set up until June 30 of last year. I need the volume split between my SSN and my LLC’s EIN
- You’ve issued the 1099-K form to me as an individual, but I have separate LLCs set up for my listings/properties