For the 2019 tax year, GlossGenius has partnered with Payable to help us file and deliver your 1099 tax forms. You’ll soon receive an email invitation to sign up for Payable — this will help us confirm and update your tax information. Once filed, you will be able to retrieve your tax forms from within Payable for your own tax preparation and records.
Payable is secure, easy, and GlossGenius has you covered so there is no cost to you as a user. We’ve also prepared this handy tax guide for you, please take a look!
What is a 1099-K?
The IRS requires Payment Settlement Entities, such as GlossGenius, to report the payment volume received by U.S. account holders. A 1099-K is the information return that is given to the IRS and qualifying customers. Here is a sample 1099-K form.
Have more questions about Payable?
If you have any questions related to Payable, visit their resources at the Payable Help Center.
Do I qualify for a 1099-K?
Your state determines your qualification for a 1099-K. Generally, if you meet both of the following criteria, the IRS requires any payment processor (such as GlossGenius) to report this:
- More than $20,000 in gross sales from goods or services in the calendar year
- AND more than 200 transactions in the calendar year
However, if your tax reporting information is associated with Massachusetts or Vermont, we are required to issue a Form 1099-K and report to your state when you process $600 or more in credit card payments.
These reporting thresholds are based on the aggregate gross sales volume processed on all accounts using the same Tax Identification Number (TIN). If you have multiple accounts that use the same TIN, we will aggregate the volume for all accounts to see if you qualify for a Form 1099-K.
For every account that meets the 1099-K requirements, the IRS requires GlossGenius report this information.
Where can I locate my 1099-K?
If you qualify, you will receive an email from Payable.com at the end of January. Please join Payable and follow the instructions to confirm all of your information is correct and how you would like to receive your 1099-K. It is important to ensure that your information here is correct since this will be filed and sent to the IRS.
How do I submit my 1099-K form?
If you qualify for a 1099-K, GlossGenius is required by law to file a copy of your 1099-K form presented on Payable for your tax year. You should seek the advice of a tax professional with regards to questions about how to file your taxes, GlossGenius cannot provide tax advice.
What charges qualify for a 1099-K? Are cash payments tracked?
Only card payments processed through GlossGenius are eligible for the criteria above. This is a federal regulation that payment processors must comply with. Any payments through GlossGenius accepted in cash, check, or gift card are not reported to the IRS. It is your responsibility to identify the amount of tax assessed, incurred, or required to be collected, paid, or withheld for any reason in connection with their GlossGenius account.
Look out for an email from Payable.com! At the end of January, Payable will let you know when your 1099-K is available for download, showing how much income you received through card payments on GlossGenius. You’ll use this form to file your taxes, so it’s important that your information is correct!
If you have any questions about your 1099-K from GlossGenius, we’re here to help!