As a payment settlement entity (PSE), Yapstone is required by the IRS to report gross sales volume for any merchant (defined as the entity that contractually signed for service with Yapstone) processing payments with Yapstone, regardless of the dollar amount or number of transactions. State 1099k thresholds vary, you should contact your tax adviser to learn more about your applicable state threshold requirements. Please note, Yapstone does not provide tax advice.
Yapstone will issue Form 1099-Ks to eligible property owners and property managers every year for the previous calendar year. The Form 1099-K will report your gross payment volume.