Form 1099-K Overview
  • 27 Sep 2022
  • 3 Minutes to read

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

Helcim my business back office tools

Click on Tax Forms

tax forms button


Viewing Tax Forms
Only users with Administrator or Accountant roles will be able to view this section.


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.

available 1099-K's tax forms

Click on View Form and Download

download button

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 and had to be 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(s) and has not been automatically filed


What are the minimum threshold(s)?

For the 2021 Tax Year, your business must meet the following criteria for auto-submission to the IRS:

  1. Processed at least $20,000 in Credit, Debit, or Bank Payments transactions

and

  1. Processed at least 200 transactions

There are also state specific submission thresholds that Helcim reviews and will submit to on your behalf if your business activity exceeds those thresholds.

2022 Threshold(s)

The federal threshold(s) will be changing for the 2022 tax year, as follows:

  1. Processed at least $600 in Credit, Debit, or Bank Payments transactions

There is no minimum transaction count

Why don't I see my Form 1099-K?

Your Form 1099-K will be available by January 31st each year.

Helcim does not generate blank Form 1099-K's, so if you signed up for an account in the previous tax year, but did not process any Credit, Debit, or Bank Payments, you will not receive a Form 1099-K.

Why is my personal SSN on the Form 1099-K?

If you are a sole proprietor the default tax number using on the Form 1099-K is is the SSN. If you would like to update this please complete a W-9 form (available online with the IRS) and submit it to Helcim.


I see a discrepancy on my Form 1099-K

If you notice any issues or discrepancies on your Form 1099-K such as your TIN, EIN, or any of the amounts, please contact the Helcim Merchant Experience team directly at help@helcim.com or by calling 1-877-643-5246.


1099-K statements
Please Note: The amounts from your monthly statements may not align exactly with your 1099-K, as your statement includes all Settled and Deposited transactions for the month, while the 1099-K includes all Approved transactions, so if a settlement or deposit happens in the following month the amounts may not align.


What happens if my account is closed?

If your account is closed and you are unable to login to view your Form 1099-K you may obtain a copy of your Form 1099-K form by contacting the Helcim Merchant Experience team directly at help@helcim.com or by calling 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.


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