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