This article outlines what a 1099-K is and what to do with the information, who receives it and when, if it applies to non-profit organizations, and if you should expect more than one.

What is a 1099-K?

The 1099-K Payment Card and Third Party Network Transactions document is an IRS tax form that reports the gross amount of funds that were processed through a Third Party Payment Processor (TTP) like Vantaca Pay.

Who Receives A 1099-K Form?

This form is issued to any company who exceeded the Federal qualifying threshold of $600 through a TTP like Vantaca Pay. This volume threshold is based on the unadjusted gross sales (per IRS regulations) of every transaction processed by any of the following: credit cards, ACH/eChecks, Google Pay, Apple Pay, etc.

Unadjusted indicates the total gross sales, prior to any adjustments for discounts, returns or refunds.

Does the Form 1099-K Apply to Non-Profit Organizations?

Yes, the form applies even if the association is a non-profit.

What Should I Do with the Information on Form 1099-K?

Your 1099-K form is only an informational document. Use this in conjunction with your other tax records for your tax return. Be sure to retain this form in the event your company is ever audited.

When Should I Expect To Receive Form 1099-K?

Vantaca sends them to you in January. If you don’t receive it, please contact your Customer Success Manager.

Will I Receive More Than One 1099-K Form?

You will receive one 1099-K for each association that is set up with Vantaca Pay.