What is a Form 1099K?
Form 1099K, Payment Card and Third Party Network Transactions, is an IRS information return used to report certain payment transactions to improve voluntary tax compliance. For more information please visit https://www.irs.gov/Businesses/Understanding-Your-1099-K
When will I receive my Form 1099K?
The Form 1099K will be mailed no later than January 31st to the legal address on file. You can expect to see this no later than the second week of February. If you need an additional copy you may submit your request to customerservice@harbortouch.com or you may call us at 800-201-0461 option 2.
*Please note this form will be a truncated version of the original that was mailed.
Why doesn’t my Form 1099K monthly breakdown match my Harbortouch statements?
The breakdown on your 1099K specifically reports transactions that were swiped from the first through the last day of the month. Your statement is a reflection of all deposits made within the month reported. The Form 1099K reports gross volume. Meaning that it is not adjusted for credits, refunds, chargeback’s, fees, reserves etc. This form also does not include American Express ESA sales. A separate Form 1099K will be mailed to you from American Express containing these sales.
I have multiple businesses, but I only received one Form 1099K?
This will occur when the Federal Tax ID number listed on each of your merchant accounts is identical. Page 2 of your Form 1099K will provide a monthly breakdown for each account reported under the listed Federal Tax ID Number.
What if I need each of these accounts to report separately moving forward?
You may send in a copy of your signed W-9 form AND an EIN documentation to 1099corrections@harbortouch.com and we will have this updated for the current tax year.
What if my information is incorrect on the Form 1099K? (Address, Business name, Federal Tax ID
number)
You may send in a copy of your signed W-9 form AND an EIN documentation to 1099corrections@harbortouch.com and we will have this updated for the current tax year.
Are you able to help me complete my taxes with the Form 1099K information?
Unfortunately, we cannot. We would recommend working with your accountant or a professional tax consultant.
If my account was subject to backup withholding where is this reported?
If your merchant account was subject to a withholding at any time during the listed tax year the amount withheld will be reported in box 4 of the Form 1099K.
For more information please visit https://www.irs.gov/Businesses/Understanding-Your-1099-K