WHAT IS THE 1099-K FORM?

The 1099-K Form is an IRS information return used to report certain payment transactions to improve voluntary tax compliance. The form lists your gross amount of all reportable payment transactions from one calendar year. (The gross amount of reportable payments does NOT include any adjustments for credits, cash equivalents, discount amounts, fees, refunds, or any other amounts).  

You will receive a Form 1099-K from EACH payment settlement entity from which you received payments (The payment entity you use with your Cash Practice Systems merchant accounts is Paya). You must report on your income tax return ALL income you received from your business.

 

WHEN SHOULD I RECEIVE MY 1099-K?

Our processing bank, Paya, will mail out 1099-K forms around the second week of February every year. If you did not receive a 1099-K form by the end of February, please contact Cash Practice Systems, Merchant Services Department, to verify the address we have on file for you: (877) 343-8950 x105.

HOW MANY 1099 FORMS WILL I RECEIVE?

The 1099 form will contain ALL credit card payments processed through your business for the year, therefore you will only receive 1 form that includes both MOTO & RETAIL credit card transactions.

You will only receive a 2nd 1099 form for the same year IF your Bank EFT payments totaled $20,000+ and exceed 200 transactions. If you processed over $20,000 in bank EFT payments but only had a total of 199 transactions for the year, you will NOT receive a 1099 for EFT.

AM I ABLE TO ACCESS MY 1099-K FORM ONLINE?

Yes, you are able to access your 1099-K through Paya's website, My Virtual Reports the first week of February. PLEASE NOTE: My Virtual Reports work best with CHROME or EDGE. If you are using SAFARI or any other browser, you may not be able to access your statements. If you are experiencing trouble and you are not using CHROME or EDGE, please try CHROME or EDGE before contacting us.

If you have a MAC - Firefox is the recommended browser to use when accessing your statements.

First Time Logging into My Virtual Reports? For registration instructions, click HERE.

Already registered with My Virtual Reports? (and have a username and password), click HERE.  Your Merchant ID Number can be located in your Cash Practice Systems account, under [Training & Support] → [Merchant Statements].

 

Step 1: Once you have logged into your My Virtual Reports account, click [1099K TIN Match] located on the right side of the menu bar (American Eagle icon) and select [1099K TIN Matching Portal] from the drop-down menu.

STEP 2: Click the link for [1099K Tin Matching Portal]

STEP 3: Click on the [1099-K Reporting] tab 

 STEP 4: Click the link [Final 1099-K]

STEP 5: The next screen will provide you with the last 3 years to choose from. Click the year that you want to access. You will only have access to the last 3 years of your 1099-K forms in My Virtual Reports, so be sure to save them to your computer or print them out.

If you need a 1099-K from over 3 years ago, please contact Cash Practice Systems, Merchant Services Department at 877-343-8950 ext 105. We may be able to order an older 1099-K from the bank's archives at a minimal cost.