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, 2018.
If you processed credit cards through TheraNest before the switch to Vantage in July, you will receive an email from us/TheraNest with 1099 information from Braintree. Same qualifications apply - merchant account or Tax ID exceeds $20,000 AND 200 transactions.
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.
Transactions Before July 2017
Since we switched Credit Card processors in July 2017 you may need to pull transaction data for that date range. To see information before July run the Credit Card Charges report for Jan 1, 2017 - July 2017 to get total transaction amount and the number of transactions they processed with Braintree. Click here to see how to run the Credit Card Charges report.