by Agapay | Jan 13, 2020 | Blog, Business, Credit Card, Debit Card, Fees
Form 1099-K is used to report income generated from Payment Card and Third Party Network Transactions. This was created under the 2008 Housing Assistance Tax Act to help ensure that businesses, particularly online retailers, are accurately reporting their income for tax purposes.
by Agapay | Feb 18, 2019 | Blog, Statement
One question that we’ve been asked frequently by our merchants and their CPA’s is in regards to the 1099-K. The 1099-K reports all card transactions (Debit, Credit and prepaid cards) that are processed on your behalf by your credit card processing company. According...