The IRS requires ShootProof to prepare and mail Form 1099-K tax documents to all eligible studios using ShootProof Pay.
For the 2022 tax year, the requirement to receive a Form 1099-K is processing at least $20,000 USD in credit card payments AND having over 200 individual credit card transactions through ShootProof Pay.
Note: For the 2022 tax year, some states have already moved forward with the future Form 1099-K requirements of just processing over $600 USD in credit card payments, regardless of the number of credit card transactions. In some instances, you may have received a Form 1099-K for the 2022 tax year from your state. If you have further questions about this, you will need to consult a tax professional.
In accordance with 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.