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What is the 1099K Report?

Question:

  • What is a 1099K Report?
  • New Reports for Clio Payments

Environment:

  • Clio Manage

Additional Information:

Certain states have different thresholds:

  • Missouri: $1200
  • Illinois: $1000
  • Massachusetts, Maryland, Mississippi, Virginia, Vermont: $600

Answer:

This is a form required by the IRS (Internal Revenue Service) for any account that has collected more than $20,000 USD (gross) using Clio Payments. Gross sales proceeds do not include refunds, voids, or adjustments.

It is designed to assist the account holder in reporting their taxes. The form will be automatically generated once a year for tax season in January and will include transactions completed using Clio Payments. 

 

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