Form 1099-K (Payment Card and Third Party Network Transactions) is the IRS form used to report payments received via credit or debit cards and third-party payment networks. If you process payments through CleanCloud Pay, here is what you need to know.
Who does this apply to?
Form 1099-K is issued to any business or individual accepting electronic payments through CleanCloud Pay, where gross payments exceed $600 within the calendar year.
Key things to know
Who issues it: Banks and payment settlement entities (processors)
Threshold: Issued when gross payments exceed $600 in a calendar year
Exclusions: Standard cheques and ATM withdrawals are not included in these totals
Relation to 1099-MISC: Payments reported on a 1099-K are not reported on a 1099-MISC
Impact on tax filing
If you receive a 1099-K, you must report this income on your tax return. The IRS receives a copy of this form, so it is essential that your reported gross receipts match or equal the amount shown on the document.
How to request your copy
To obtain your 1099-K, contact our Account Management team at [email protected]. They will provide your copy and assist with any further questions.
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