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 a 1099K to businesses that process credit/debit card transactions and meet the following threshold:
Note: The IRS has recently announced that it will again delay the new $600 reporting threshold for third-party settlement organizations for the upcoming tax filing season.
For more information, view the IRS announcement here: https://www.irs.gov/newsroom/irs-announces-delay-in-form-1099-k-reporting-threshold-for-third-party-platform-payments-in-2023-plans-for-a-threshold-of-5000-for-2024-to-phase-in-implementation.
- 200 transactions processed in the tax year, AND
- $20,000 or more in payments processed in the tax year. (threshold subject to change)
The 1099K Form reports what was received/processed through Autobooks only. It is not an income statement for your business.
If you wish to understand how the 1099K form impacts your business, please discuss with your tax professional or CPA.
How will I receive my 1099 form (if I should be issued one)?
1099 forms will be mailed via US Mail to the physical address we have on file for your Autobooks account. You can see the address on file by visiting Settings, then clicking on the Company tab.
When will the 1099 forms be mailed by Autobooks?
If applicable, Autobooks will mail a 1099 form to you no later than January 31 for the prior tax year.
Can I view a digital copy of my 1099 form?
Autobooks does not display 1099 forms within our application. It is a best practice to store your paper copy securely for future reference.