The IRS requires ShootProof to prepare and mail Form 1099-K tax documents to all eligible studios using ShootProof Pay.
For the 2024 tax year, the requirement to receive a Form 1099-K is processing at least $5,000 USD in credit card payments through ShootProof Pay.
Following IRS guidelines, these forms will be prepared and postmarked by January 31st. They will also be available to download in the Documents tab of your ShootProof Pay account.
The Form 1099-K only represents the credit card transactions processed through a specific payment gateway. It should not be considered a full accounting of gross income, as it does not report any refunds or account for any funds collected outside of ShootProof. You can learn more about what Form 1099-K is on the IRS website.
For studios not meeting these IRS reporting minimums, no tax forms are generated or submitted to the IRS by ShootProof*. Sales and Invoice Payment reports can be accessed at any time in the Reports tab of your ShootProof account.
*Some states may have a different threshold than the federal guidelines for receiving a 1099-K form. You may still get a 1099-K based on state guidelines even if you didn't meet the $5,000 threshold.