Azibo will provide a 1099-K for each entity that collects payments on the Azibo platform.
What is the 1099-K Form?
Every year, the United States’ IRS requires that Stripe provide a form called a 1099-K for each Stripe 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) or the non-US account is for a US taxpayer AND more than $600 USD in total gross volume*
*Beginning January 1, 2022, platforms are required to send 1099-Ks to merchants when the gross amount of total reportable payments exceeds $600 in a calendar year. This change impacts tax reporting for 2022 and subsequent years.
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.
For more information on stripe provided 1099-K go here.