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1099K email
I received an email from square saying that I hadn’t reached the threshold to receive a 1099-K this tax season. I’m wondering what change has occurred since I have always received a 1099-K please advise
Susan Kinser
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Hello @Suzy6469 thanks for your post. I'm going to assume that you had no substantial changes in your processing dollar levels with Square, because that would be a first trigger for the 1099-K. There were recent changes in reporting to the IRS for this...there was to go into effect a change from $20K down to $600 for required reporting, but that has been put on HOLD. Perhaps Square, event hough they always sent you a form regardless of your dollar processing level, had re-evaluated who they send the form to based on this recent guidance/requirement for the IRS? I can't speak for Square, but I'm putting a guess out there. Maybe someone on Square team can offer a more accurate response here.
Homestyle Charlie
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