How will using DoJiggy Payment by WePay affect my taxes?

Synopsis

You would like to know how using DoJiggy Payments will affect your organization's taxes.

Solution

WePay helps you organize your payments and under certain circumstances (ie if you collect at least $20,000 and have at least 200 transactions in the calendar year), will issue a Form 1099-K, a requirement from the IRS.

Form 1099-K is the IRS’s information return for reporting the movement of funds. It reflects the gross dollar amount that you collected in the previous calendar year. In addition, the IRS 1099-K form should reflect your legal name and Taxpayer Identification Number (TIN). For this reason, your Account Name needs to match your TIN on WePay registration.

Click here to review a list of Common Questions concerning Form 1099-K.

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