- What is a 1099K Report?
- New Reports for Clio Payments
- Clio Manage
Certain states have different thresholds:
- Missouri: $1200
- Illinois: $1000
- Massachusetts, Maryland, Mississippi, Virginia, Vermont: $600
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.
Note: If they are under $20,000 USD or 200 transactions, they will see a Draft report only.
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.