If you use atVenu Register as your point of sale solution, you are responsible for reporting taxes based on the amount of revenue you’ve generated for each tax year. Payment processing services for atVenu Register are provided by Stripe. Every year, the United States IRS requires that atVenu in conjunction with our partner Stripe, provide a form called a 1099-K for each account that meets all of the following criteria in the previous calendar year:
- Account is based in the United States. Owners do not need to be US citizens.
- More than $20,000 USD in total gross volume
- More than 200 charges
In order to supply you with a 1099-K form, atVenu must have on file, or obtain your tax identification number (TIN).
The 1099-K is a purely informational form that summarizes the sales activity of your account and is designed to assist you in reporting your taxes. It is provided to you and the IRS, as well as some US states.
How and when do I get my 1099-K?
atVenu 1099k forms are delivered to you automatically each year via email by a service called Payable. If your business qualifies, your 1099-K for the previous calendar year will be delivered by January 31st. Make sure to accept the Payable invite that was sent to your email address. Once you accept this invite you will be able to access your new Payable account.
What is “Total Gross Volume”?
“Total Gross Volume” is the total of all of your credit card charges through atVenu Register for the year including:
- atVenu Register processing and conversion fees
- Shipping fees
- Refunded charges
- All adjustments
These additional fees, refunds, and adjustments are not deducted from your total charges when calculating your gross volume and reporting to the IRS.
For more help understanding your 1099-K go to IRS.gov