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Chase POS Business Tax Forms

 

Get details on 1099-K forms, like when they’re applicable, how to file them, and more.

Tax form support topics

 

Get answers to the questions most frequently asked by business owners like you.

Tax

Form 1099-K

Form 1099-K is the IRS’s information return for reporting the payment transactions.

 

It reflects the gross dollar amount of transactions you processed with us in the previous calendar year. In addition, the IRS 1099-K form should reflect your legal name and Taxpayer Identification Number (TIN). It's up to you (and your tax professional) to determine whether these amounts represent taxable income.

If you process more than $600 in transactions in the calendar year, you'll receive the 1099-K form by January 31 of the following year. The form will come from WePay, a Chase company. All payment processors are required to issue the 1099-K form by law. WePay is also required to file a corresponding tax form with the IRS, which participates in a combined filing program with many state tax agencies, and with some states directly.

Yes, these thresholds apply to all US-based businesses including non-profits and other tax-exempt entities. The 1099-K form will be sent with the name and Taxpayer Identification Number (TIN) of your business or non-profit, rather than the account’s administrator’s legal name and social security number.

 

In other words, if you're an administrator of an account for a business or non-profit, please make sure you input the correct name and employer identification number for the business or nonprofit.

When determining whether you have processed more than $600, refunds, fees, chargebacks and other items are disregarded according to the tax law. Gross payment volume is determined by the amount of money your customers originally paid.

It's up to you (and your tax professional) to determine whether the amounts reported on the form represent taxable income and how to report your business activity on your tax return. For help understanding your 1099-K go to IRS.gov

Non-U.S. merchants are required to certify their foreign status to be exempt from 1099-K reporting. Certification remains in effect for 3 years and must be renewed.