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1099-K form
1099-K form
Discover the role of the 1099-K Form in tax reporting for businesses using Adyen's payment processing, and learn how this Form assists in your financial management.
Getting started
The 1099-K Form is a summary of your account's sales activities, intended to help with tax reporting. It doesn't cover personal income, which must be reported separately. This Form is issued to the account holder and the IRS, as well as certain US states.
Find more information about the 1099-K Form.
1099-K Form eligibility
In the majority of states, you qualify to receive the 1099-K Form if, during the previous calendar year, you met the following criteria:
- Generated over USD 20,000 in card payment processing volume.
- Processed more than 200 card payments using Fresha's card processing solution.
- The 1099-K threshold is based on the total gross payment amount processed through Fresha, without factoring in fees, credits, refunds, shipping, cash equivalents, or discounts.
- The gross payment threshold required to receive a 1099-K Form varies by state. Access the latest information on the eligibility criteria you need to meet.
Preparing for the 1099-K Form
If your account meets the above criteria, meaning you are eligible to receive a 1099-K form, make sure the billing details in your Fresha account are correct and your tax number is valid. This is important for the form to reflect the correct details and to guarantee it is mailed to the correct address.
Receiving and locating the form
Fresha's payment service provider, Adyen, will submit the 1099-K Form to the IRS by March 31st, on your behalf. Additionally, a physical copy of the Form will be mailed to you around February 1st, and an electronic copy will be sent to your email for your records.
You will also be able to download the 1099-K Form electronically from your Fresha account by February 1st, following these simple steps:
- Open Workspace settings and select Billing then 1099-K.
- All account holders linked to your workspace will be able to download an electronic version of their 1099-K Form.
- Locate the relevant year and click the Download icon.
- Once downloaded, you can also print it.
To correct or update any information on your 1099-K Form, open your business wallet, select Bank accounts, then Edit and proceed to Edit account holder details. Follow all of the steps through to add the updated information. Once submitted, you'll need to wait for your details to be approved before the changes will be reflected.
FAQs
What is the main purpose of the 1099-K Form?
How do I know if I am eligible for a 1099-K Form from Adyen?
What should I do if the information on my 1099-K form is incorrect?
Where does the physical 1099-K form get sent to?
Can I still get my 1099-K Form after I deleted my account?
What should I do if I meet the criteria to receive a 1099-K Form?
What should I do if I do not meet the criteria to receive a 1099-K Form?
Who will provide the 1099-K Form if I use a third-party payment processor?
Do I need to report personal income on the 1099-K Form?
Why does my 1099-K form show a high amount processed after I just took over the business?