What is a 1099K Form?
A 1099K Form is a form that summarizes the activity of credit card transactions on your account and is designed to assist you in reporting your taxes. It is mandatory for Talus Pay as the merchant platform to provide this information to the user and the IRS. It is NOT a report of earnings as it doesn’t factor in other costs that you may incur to run your business.
Who receives a 1099-K?
This year there was a threshold change; the IRS announced that the 1099K filing threshold will be 20,000 USD and 200 transactions for tax year 2025.
If the gross amount of total reportable payments exceeds $20,000 and the total number of such transactions exceeds 200 in a calendar year —and they're based in the US or are a US taxpayer—payees should expect to receive a 1099-K through paperless delivery.
How do I request my 1099K Form?
If you are eligible according to your financial activity during 2025, meaning that you have more than USD 20,000 in total gross volume of credit card payments AND more than 200 charges, the 1099-K form will be sent to you automatically.
Please note, If you did not process payments within those reporting IRS thresholds, Talus Pay will not issue you the form.
How will I get my 1099-K Form?
We will send out a hard copy to your address on file and send out a hard copy by Jan 31st, 2025., If you would want a digital copy please contact us.
Penalties
IRS penalties ranging from $50 to $290 per form may apply for each instance where you:
Don’t e-file with the IRS by the deadline
Don’t report a Taxpayer ID (TIN)
Report an incorrect TIN
Report incorrect information
Larger penalties may be enforced where there is evidence of intentional disregard or neglect.
* Please note, that Talus Pay will charge a penalty fee for late issuing requests and any incorrect reporting provided information.
Click the button below to confirm/update the information we have on file.
** The content of this article is for informational purposes only, you should not construe any such information or other material as legal, tax, financial, or other advice.
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