The Housing Assistance Tax Act of 2008 included the enactment of Section 6050W of the Internal Revenue Code, which requires reporting entities (such as Paya) to report payment card transactions and third-party network transactions to the Internal Revenue Service (IRS) for each calendar year beginning January 1, 2011. As a result, reporting entities are required to file an annual information return with the IRS and provide each merchant payee with a corresponding Form 1099-K, reporting monthly and annual gross sales.
Included on the 1099-K is the legal name of your business, the Tax Identification Number (TIN), your monthly payment card transaction volume, and other important information. Please note that the monthly and total volumes show the total dollar amount of aggregated transactions in which a payment card is accepted as payment without regard to any adjustments for credits, cash equivalents, discount amounts, fees, refunded amounts, or any other amounts.
Verify your 1099-K Online
Information from the 1099-K may be verified at any time by accessing our online 1099 TIN-Matching Portal which is available in My Virtual Reports, Paya's Online Reporting System. Please log in and ensure your information is correct and complete.
- To access the system, log onto www.myvirtualreports.com.
- If you are not already a registered user of My Virtual Reports, you will need your 16-digit Merchant Identification Number (where can I find my Merchant ID Number?) and your bank account number to register.
- If you need assistance, please contact support at 1-877-841-7014