Form 1099-K (Payment Card and Third-Party Network Transactions) is an IRS information return used to report certain payment transactions to improve voluntary tax compliance. Generally, the Form 1099-K includes the gross amount of all reportable payment transactions. A reportable payment transaction is defined as a payment card transaction or a third-party card network transaction. With a couple of exceptions, Yapstone is required to send a Form 1099-K if you process more than $20,000.00 in Gross Income and more than 200 transactions through your Yapstone account in one calendar year; the States of Vermont and Massachusetts have lower thresholds.
If you meet the Form 1099-K criteria and we have a Form W-9 on file, we will mail the Form 1099-K to your mailing address on file by January 31st for transaction activity during the prior calendar year.
For further information on the Form 1099-K please visit: https://www.irs.gov/businesses/understanding-your-1099-K.