Learn about SelectedEpos.com Tax Reporting and the 1099-K form, including qualification standards, IRS rules, and how to update the Federal Business Tax ID (EIN) associated with your SelectedEpos.com account.

If you don’t have an EIN, you can apply for one with Square’s free EIN assistant, which guides you through the application. You can also apply for an EIN from the IRS.

The IRS requires Payment Settlement Entities, such as Square, to report the payment volume received by U.S. account holders. A 1099-K is the information return that is given to the IRS and qualifying customers.
Review this sample 1099-K form.

Do I Qualify for a 1099-K?

In the US, the state your taxpayer information is associated with will determine your qualification for a 1099-K.

Generally, accounts meeting both of the following criteria qualify for a 1099-K and must be reported to the IRS by Square:

1. More than $20,000 in gross sales from goods or services in the calendar year
2. AND more than 200 transactions in the calendar year

SelectedEpos.com may report, solely within its discretion, on amounts below these thresholds to meet state and other reporting requirements. For example, if your tax reporting information is associated with Massachusetts or Vermont, we are required to issue a Form 1099-K and report to your state when you process $600 or more in card payments.

These reporting thresholds are based on the aggregate gross sales volume processed on all accounts using the same Tax Identification Number (TIN). If you have multiple accounts that use the same TIN, we will aggregate the volume for all accounts to see if you qualify for a Form 1099-K.

Learn how to update the Taxpayer Identification Number associated with your account.

For every account that meets the 1099-K requirements, including non-profits, the IRS requires SelectedEpos.comto report this information. According to the IRS, gross income is defined as all facets of income an individual has received throughout the calendar year.

Where can I locate my 1099-K?

If you qualify, you can download your 1099-K forms from the Tax Forms tab of your SelectedEpos.comDashboard.