The 1099-K form is issued by third-party payment processors (such as PayPal, Venmo, or credit card companies) to report transactions made through their platforms. It is typically issued to individuals or businesses that have received over $20,000 in gross payments and/or 200 transactions. This form helps the IRS track income that may otherwise go unreported. It’s important to note that while the 1099-K reports income, taxpayers must distinguish between personal and business transactions, as only business-related payments are taxable. Please provide your 1099-Ks with your regular tax documents at tax time and let us know if it’s all business related, all personal, or a little bit of both! For more information, visit the IRS Understanding your 1099-K.