The IRS requires that we provide a form called a 1099-K for United States accounts that meet ALL of the following criteria in the previous calendar year:
- Account is based in the United States (Owners do not need to be US citizens.)
- More than $20,000 USD in total gross volume
- More than 200 charges
The 1099-K is a purely informational form that summarizes the sales activity of your account and is designed to assist you in reporting your taxes. It is provided to you and the IRS, as well as some US states.