Cash App for Business accounts will receive a 1099-K form for those who accept over $20,000 and more than 200 payments* per calendar year cumulatively with Square.
*If your taxpayer information is associated with Massachusetts, Vermont, Maryland, Washington D.C., or Virginia we are required to issue a 1099-K and report to your state when you accept $600 or more. If your taxpayer information is associated with Illinois, we are required to issue a 1099-K and report to your state when you accept more than $1,000 with over 3 transactions. If your taxpayer information is associated with Missouri, we’ll issue a Form 1099-K if you processed $1,200 or more in a year.
Log in to your Cash App Dashboard online to update your EIN or SSN for your business account so that all tax reporting will be associated with the correct information if you qualify. This can only be accessed and updated from the web address at Cash App Dashboard; it cannot be updated from within the app.
Note: You can only update your information on cash.app/tax-information if you have a Cash for Business account. If you have both Cash for Business and Square Point of Sale accounts associated with your SSN, your total payment volume will be aggregated and reported on each 1099-K form.
For any additional tax information, please reach out to a tax professional or visit the IRS Form 1099-K Payment Card and Third Party Network Transactions site.
New Form 1099-K Qualifications for the 2022 Tax Year: Beginning January 1, 2022, Cash for Business accounts with $600 or more in gross sales in the 2022 tax year will qualify for a Form 1099-K and must be reported to the IRS by Cash App. This new $600 reporting requirement does not apply to personal Cash App accounts. Instead, it only pertains to Cash for Business accounts, and applies only to payments received in 2022.
Learn more about your 1099-k with Square.