1099-K form

FAQs

• • What is the main purpose of the 1099-K Form?

    The 1099-K Form is designed to assist in tax reporting. It summarizes your account's sales activity but does not include personal income.

  • How do I know if I am eligible for a 1099-K Form from Adyen?

    You are eligible if your account made over $20,000 USD in card payments and processed more than 200 card payments in the previous year using Fresha's card processing solution. The threshold may be different in certain states so we recommend checking the IRS's website to see if you meet to criteria to receive the 1099-K form.

  • What should I do if the information on my 1099-K form is incorrect?

    If the information on your 1099-K is incorrect, you can easily update the account holder details by heading to your Wallet, selecting Bank accounts and then clicking on Edit next to the relevant entity to make the relevant changes. In case you wish to update your bank account details, while in the Wallet page, click on the three dots next to the relevant bank account. Any updates should be completed before January of every year for the form to reflect the correct details and to guarantee it is mailed to the correct address.

  • Where does the physical 1099-K form get sent to?

    The 1099-K form will be sent to the address entered when you created your entity so make sure this is up to date at all times. You can update the information by heading to Wallet, selecting Bank accounts and then clicking on Edit next to the relevant entity to update the account holder details.

  • Can I still get my 1099-K Form after I deleted my account?

    If you need access to your 1099-K Form after your account has been deleted, please reach out to us, providing full details of your request. We'll assist you further with retrieving the 1099-K Form.

  • What should I do if I meet the criteria to receive a 1099-K Form?

    If your Fresha account is eligible to receive a 1099-K form, make sure the billing details in your Fresha account are correct and your tax number is valid every January. This is important for the form to reflect the correct details and to guarantee it is mailed to the correct address.

  • What should I do if I do not meet the criteria to receive a 1099-K Form?

    If you do not meet the criteria to receive a 1099-K form, you can use the Sales log detail report which will provide you with a detailed breakdown of each sale you've raised within your Fresha account.

  • Who will provide the 1099-K Form if I use a third-party payment processor?

    If you use a third-party payment processor, they are responsible for providing your 1099-K Form. Fresha's card processor, Adyen, will not be responsible for issuing you a 1099-K Form.

  • Do I need to report personal income on the 1099-K Form?

    No, personal income is not included in the 1099-K Form and should be reported separately.

  • Why does my 1099-K form show a high amount processed after I just took over the business?

    The 1099-K form is issued based on the entity's sales over the past year, regardless of the current owner. The amount reported is for the entity itself, not dependent on who owns the account.

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