Cash App for Business owners are busy. Check out these quick answers to our most frequently asked questions.
How do I know if I have a Cash App for Business account?
You can check if you have a Cash App for Business account in-app.
To do so:
- Login to Cash App
- Go to your profile photo in the top right corner
- Cash App for Business accounts have a business badge next to the profile info
What is the difference between a personal payment and a business payment?
Personal payments are payments to send funds or receive funds for peer-to-peer personal, non commercial purposes (e.g. a gift, a shared meal or cab ride, a child’s allowance, etc.). You should only use personal Cash App accounts to process personal payments.
Business payments are exchanged for the sale of goods and/or services. If you’ve switched your account to Cash App for Business, only use this account to accept business payments from your customers.
What are my fees?
Cash App will automatically deduct a 2.75% processing fee on each payment you receive to your business account. Cash App may charge a fee for Instant Deposits, which may range from 0.5% to 1.75% depending on the deposit amount (minimum of $0.25). Read more on Cash App for Business Fees.
Will I receive a Form 1099-K?
If you have a business account with Cash App or other payment app and you receive more than $20,000 and more than 200 business payments in 2023, the IRS requires those payments to be reported on a Form 1099-K. Read more about Cash App for Business tax reporting here.
How can I find my tax documents?
If you receive a Form 1099-K, you can download it on our website at cash.app/account or directly in Cash App. You will also receive a payment CSV for the current tax year.
You can download your tax documents on our website:
- Log into your Cash App account at cash.app/account
- Go to Documents on the left toolbar
- Continue to Business to view and download your Form 1099-K
To download in-app:
- Go to the profile icon on your Cash App home screen
- Continue to Documents
- Choose your Business Accounts Taxes
- Select a year, then select 1099-K or Transactions CSV
Note: You can only download the current year’s Form 1099-K in-app. Head to our website for any previous tax forms
What information does the Form 1099-K include?
The Form 1099-K reports the following information:
- Taxpayer name
- Taxpayer address
- Taxpayer identification number (TIN)
- This could be your Social Security Number (SSN) or your Employer Identification Number (EIN) depending on your tax designation
- Total gross transaction amount by month and by calendar year Total number of transactions
- If tax was withheld (backup withholding), the total amount of the tax withheld
- Cash App’s information (legal name, TIN, etc.)
What do I do with my tax documents?
Business owners use the Form 1099-K and any other relevant tax information to prepare their income tax return. Please consult with your personal tax advisor to determine which income tax returns and schedules are appropriate for your situation. Cash App cannot provide you with specific tax advice.
How do I correct my taxpayer information?
The IRS requires Cash App to report income generated from your Cash App for Business account to the IRS. Cash App generates taxpayer info using the personal info you gave us when you created your account.
If the personal info you used to create your Cash App account does not match your business taxpayer info, you can update that info online. See our Update Cash App for Business Taxpayer Info article for steps.
When will my Form 1099-K be available?
The IRS requires Cash App to provide you with a Form 1099-K no later than January 31 each year (e.g. the Form 1099-K for the 2023 tax year will be issued no later than January 31, 2024).