I don’t want a 1099-K, I already report my income to the IRS – why do you need to report as well?

As a payment processing entity (PSE), YapStone is required by the IRS to report gross sales volume for any merchant processing more than 200 transactions AND $20,000 in volume per year (Please note lower threshold for the States of Vermont and Massachusetts). You can think of the 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.

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