As a payment settlement entity (PSE), Yapstone is required by the IRS to report gross sales volume for any merchant processing payments with Yapstone.. (Please note certain States also require Yapstone to report a merchant’s gross sales volume.) You can think of the Form 1099-K like the W-2 that your employer issues to you and reports to the IRS every year. Informational reporting is the IRS’s method of encouraging increased voluntary tax compliance.
Comments
0 comments
Article is closed for comments.