At the start of each year until January 31st, businesses receive a 1099K form for the previous tax year if those businesses processed payments through Autobooks. Autobooks is required by the IRS to provide businesses that process credit/debit card transactions that meet the following threshold:
- 200 transactions AND $20,000 or more in the tax year. (threshold subject to change)
- Please see the IRS.gov website for additional/most current information: https://www.irs.gov/businesses/understanding-your-form-1099-k
- You will not receive a 1099K form if you have not met both of these criteria
The 1099K Form just reports what was received/processed through Autobooks. It is not an income statement for your business.
If you desire to understand how the 1099K form impacts your business, please discuss it with a tax professional or CPA.