Form 1099-K Overview
What is a Form 1099-K?
Form 1099-K "Payment Card and Third Party Network Transactions" is an informational tax form used to report your sales activity processed through Helcim for each calendar year. As your payments company, Helcim is responsible for generating this form for your records as well as filing this form on your behalf with the IRS and state governments, if your business activity exceeds the applicable filing threshold.
Where do I view and download my 1099-K?
To view or download your Form 1099-K, first you will need to navigate to the Tax Forms section.
Click on All Tools and My Business
Click on Tax Forms
You will now see all of your available Form 1099-K's. If you have multiple merchant accounts tied to your business you will get separate Form 1099-K's for each of these, as shown below.
Click on View Form and Download
Status
There are four possible statuses for your Form 1099-K
| Status | Definition |
|---|---|
| Submitted | Your Form 1099-K was automatically submitted by Helcim |
| Pending | Your Form 1099-K will be automatically submitted by Helcim, but this has not yet been completed |
| Canceled | The Form 1099-K had incorrect information was subsequently corrected, this should always be followed by a new Not Submitted, Pending or Submitted form |
| Not Submitted | Your Form 1099-K does not meet the minimum threshold and has not been automatically filed |
Frequently Asked Questions:
What is the filing threshold?
The filing thresholds for the 2024 tax year is $5,000 in gross sales from cumulative Credit, Debit, or Bank Payment transactions within the calendar year.
For more information about reporting thresholds, please visit the IRS website.
When are 1099-K Forms issued?
Your Form 1099-K will be available by January 31st each year. You will be notified by email when it is available to be viewed and downloaded.
If you did not process any Credit, Debit, or Bank Payments, you will not receive a Form 1099-K. Helcim does not generate blank Form 1099-K's.
Details about the Form 1099-K:
- Tax Identification Number: If you are a sole proprietor the default tax number used on the Form 1099-K is the EIN. If you would like to update this please let our team know by sending your W-9 form to 1099k@helcim.com.
- Gross amount of payment card/third party network transactions: Total dollar value of transactions processed through Helcim. This includes shipping fees and taxes. Refunds are NOT deducted from your total gross volume.
I see a discrepancy on my Form 1099-K, what do I do?
If you notice any issues or discrepancies on your Form 1099-K, such as your name or tax identification number, email 1099k@helcim.com with details of the discrepancy. If applicable and available, please include your W9 form.
Processing volumes on your Form 1099-K are based on batch closed date. If there are any issues with the reported amounts, please reach out to our Support team.
What happens if my account is closed?
If your account is closed, you will still be able to access your Form 1099-K on your Helcim Dashboard. You will be able to login to your Helcim account using your previous credentials. If you are unable to login to view your Form 1099-K, please email help@helcim.com or call 1-877-643-5246.
How do I withdraw my consent to receive IRS tax information electronically, or request a paper copy of my Form 1099-K?
You may request a paper copy of your Form 1099-K, or withdraw your consent to receive an electronic copy of your Form 1099-K by writing to us at:
Helcim Inc.
Attn: Tax Department
Re: Request for 1099-K Paper Form
Suite 400 - 440 2nd Avenue SW,
Calgary, Alberta, Canada
T2P 5E9
For us to verify your identity, please include this information in your request:
- Your full name
- Your phone number
- Your business name
- Your Helcim Merchant ID
- Your Tax ID Number
Please include a statement that you wish to obtain a paper copy of your Form 1099-K or that you wish to withdraw consent to receive future such forms electronically.