The IRS requires Cash App to issue a Form 1099-K to Cash App for Business account holders who meet the annual reporting threshold for the form.
Will I receive a Form 1099-K?
For the 2023 tax year, if you have a business account and receive more than $20,000 and more than 200 business payments in 2023, you’ll receive a Form 1099-K by January 31, 2024.
A $600 reporting threshold was originally set to take effect for the 2023 tax year, but on November 21, 2023, the IRS announced a delay on implementing that change.
If your state has lower reporting requirements, then Cash App may report amounts below the federal threshold to meet those requirements. Review this list to see if your state has a lower threshold:
| State | State Reporting Threshold |
|---|---|
| District of Columbia | Cash App is required to issue a Form 1099-K and report to the state when $600 or more is processed in card payments. |
| Illinois | Cash App is required to issue a Form 1099-K and report to the state when more than $1000 is processed in card payments and more than 3 transactions. |
| Maryland | Cash App is required to issue a Form 1099-K and report to the state when $600 or more is processed in card payments. |
| Massachusetts | Cash App is required to issue a Form 1099-K and report to the state when $600 or more is processed in card payments. |
| Missouri | Cash App is required to issue a Form 1099-K and report to the state when $1200 or more is processed in card payments. |
| Vermont | Cash App is required to issue a Form 1099-K and report to the state when $600 or more is processed in card payments. |
| Virginia | Cash App is required to issue a Form 1099-K and report to the state when $600 or more is processed in card payments. |
These reporting thresholds are based on the aggregate gross transaction volume processed on all Cash App for Business or Square Point of Sale accounts using the same Tax Identification Number (TIN). If you have multiple accounts that use the same TIN, we will aggregate the volume for all accounts to see if you will receive a Form 1099-K.
Please note that you may still be eligible to receive a tax form if you reach the reporting threshold to your business account in the calendar year, even after switching back to personal.
For more info about Form 1099-Ks, review the IRS website. Learn how to update the Taxpayer Identification Number associated with your account here.