TheraNest users who use TheraNest to process credit card payments may qualify for a 1099 form.
How Do I Qualify to Receive a 1099K?
You will receive a 1099 from Vantage if your merchant account or Tax ID exceeds $20,000 AND 200 transactions. If the threshold is not exceeded, they won’t be issuing a 1099K. (unless the IRS changes the threshold in the future).
For more information: https://www.irs.gov/newsroom/faqs-on- new-payment- card-reporting- requirements.
Vantage will be mailing the 1099K on or prior to Jan 31, 2020
What if I Don't Qualify for a 1099K Based on IRS Rules?
You can use your credit card charges report to see the total number of transactions and total transaction $ volume for the tax year. You can export that report to share with your accountant.