As a Third-Party Settlement Organization (TPSO) federal law requires Goodshuffle, Inc to submit form 1099-K’s to vendors who meet certain criteria. To submit these 1099-K forms we use Stripe.com (our payment gateway) to make this process as simple for you as possible.
Why is a Form 1099-K needed?
Goodshuffle Pro supports the processing of credit and debit card transactions for our vendors and that requires a Form 1099-K to be submitted to the IRS annually for every vendor that meets certain criteria.
You can find out more information regarding form 1099-K on Stripe's website (1099 K sections only) or on the IRS’s own website.
Do you meet the filing criteria?
As a TPSO, Goodshuffle, Inc is required to file a form 1099-K when reporting payments to a vendor that exceed both 200 transactions and $20,000 during the course of a year. (Source)
Do I need to do anything?
Stripe automatically determines who needs to file a form 1099-K and — once Goodshuffle has provided our information — an automated process will mail out the necessary forms to every account owner that meets the filing criteria.
If you have any questions regarding the process, please contact us at email@example.com.