IRS Form 1099-K Explained
Wondering why you received a 1099-K? No need to worry - we've got you covered!
You may receive a Form 1099-K if you process a high volume of payments through the AndDone platform.
Because AndDone facilitates your electronic payments, we partner with Adyen as our merchant acquirer. Adyen is responsible for reporting certain payment activity to the IRS, which is why Adyen appears as the “filer” on your Form 1099-K.
A Form 1099-K is an IRS information return that shows the total amount of reportable payment transactions your business processed during the year. If your amounts received through AndDone exceed $20,000 USD in more than 200 transactions in a calendar year, Adyen will generally issue a Form 1099-K to you. In some cases, a Form 1099-K may be issued even if your totals are below these thresholds.
For questions about how to report this information, please consult a tax professional or refer to IRS guidance.
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