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Merchant Accounts: 1099-K and Tax FAQ

Q&A regarding 1099's for merchant accounts

Lisa avatar
Written by Lisa
Updated this week

Overview

As required by law, Boulevard, in conjunction with our payment gateway partners, issues 1099-K forms each January to merchant accounts that processed at least $20,000 in gross payments and completed more than 200 transactions in the prior fiscal year.

Depending on whether you have met the IRS reporting threshold and how the payments were processed, merchants may receive one or multiple 1099-K forms. For businesses with multiple locations or secondary merchant accounts under the same TIN/EIN, the number of 1099-Ks issued may vary. Some payment gateways issue a single combined 1099-K at the Tax ID level, while others issue separate 1099-Ks for each merchant account. For tax reporting purposes, merchants are responsible for consolidating all 1099-K totals at the Tax ID level when filing.

As a standard practice, Boulevard recommends you consult with your accounting or tax professional to ensure your taxes are filed correctly. Correct tax filing is the responsibility of each Boulevard customer.

For more details on how merchant accounts are structured, please refer to our Merchant Account FAQ.

Q: How are 1099-Ks delivered?

All 1099-Ks are physically mailed to the registered business address we have on file for your merchant account. This is not always your business location address, but the address your business is registered under. You can verify this address in your Boulevard dashboard by going to your Business Details within your merchant account.

To view your registered business address, or if it has changed since submitting your merchant account details and you need to update it, you can do so by logging into your Boulevard dashboard and navigating to Manage Business (Gear Icon) β†’ Payment Processing β†’ View Account β†’ Business Details.

Q: When will I get my 1099-K?

1099-K forms are postmarked by January 31 and typically arrive within 5–7 business days.

Exciting news! Our team has launched a new feature that delivers your 1099-Ks directly to your Boulevard dashboard πŸŽ‰ No more worrying about mail delays or submitting requests.

To access and download your 1099-K documents, please log in to Boulevard using a web browser and follow the instructions below:

  • BUSINESS: Manage Business Settings β†’ Payment Processing β†’ click the three dots β†’ View Account Detailsβ†’ Documents tab

  • LOCATION: Manage tab β†’ Payment Processing β†’ click the three horizontal dots β†’ View Account Details β†’ Documents tab

  • STAFF (could be either way depending on the account):

    • Profile icon at the top right (drop down arrow) β†’ My Settings β†’ click the three vertical dots β†’ Merchant β†’ View Account β†’ Documents tab

    • Profile icon at the top right (drop down arrow) β†’ My Settings β†’ Merchant β†’ three horizontal dots β†’ View Account Details β†’ Documents tab

Q: Why did I not receive a 1099-K?

You will only receive a 1099-K if your specific merchant account processed more than $20,000 in payments and had over 200 transactions within the previous calendar year via one of our payment gateways. If you did not receive this form but believe you have processed more than this threshold, you can use your Monthly Activity reports within the Payment Processing section of the Boulevard dashboard to verify processing amounts. Feel free to contact Boulevard Support for additional assistance.

Q: What should I do if there is incorrect information on my 1099-K?

Reach out to Boulevard Support, who will get you in touch with our Payments team. Please do not include any sensitive information, such as your SSN or EIN, in your initial request. Our Payments team may require additional documentation, such as your EIN Confirmation Letter (Form CP-575 or 147c), at which point we will provide you a secure link to submit those documents.

Q: What should I do if my 1099-K was mailed to the wrong address?

If you believe your 1099-K was mailed to the wrong address, you can update your registered business address by logging into your Boulevard dashboard and navigating to Manage Business (Gear Icon) β†’ Payment Processing β†’ View Account β†’ Business Details.

While we cannot mail a new copy out, our team has launched a new feature that delivers your 1099-Ks directly to your Boulevard dashboard πŸŽ‰

To access and download your 1099-K documents, please log in to Boulevard using a web browser and follow the instructions below:

  • BUSINESS: Manage Business Settings β†’ Payment Processing β†’ click the three dots β†’ View Account Detailsβ†’ Documents tab

  • LOCATION: Manage tab β†’ Payment Processing β†’ click the three horizontal dots β†’ View Account Details β†’ Documents tab

  • STAFF (could be either way depending on the account):

    • Profile icon at the top right (drop down arrow) β†’ My Settings β†’ click the three vertical dots β†’ Merchant β†’ View Account β†’ Documents tab

    • Profile icon at the top right (drop down arrow) β†’ My Settings β†’ Merchant β†’ three horizontal dots β†’ View Account Details β†’ Documents tab

Q: Can I change the address the 1099-K gets mailed to?

You cannot change the address your 1099-K gets mailed to unless your registered business address has changed. This is the address you registered your business under. If it has changed, you can update this by logging into your Boulevard dashboard β†’ navigate to Manage Business (Gear Icon) β†’ Payment Processing β†’ View Account β†’ Business Details.

Q: Why did I receive multiple 1099-Ks?

This past year, Boulevard updated our payment gateway and is in the process of transitioning all businesses to it. If you received multiple 1099-Ks, this may indicate that your merchant account was updated to our new payment gateway during the year. Receiving multiple 1099-Ks is expected during a year in which your payments were processed by more than one gateway. Each gateway is required to issue its own 1099-K covering the portion of transactions it processed during the year, provided that each specific gateway processed more than $20,000 and 200 transactions.

For businesses with multiple locations or secondary merchant accounts, accounts that share the same TIN/EIN may receive either a single combined 1099-K from each given payment gateway, or separate 1099-Ks per merchant account. This means that you may receive more than two 1099-Ks associated with the same Tax ID. Altogether, the forms reflect your total reportable transactions for the year. When preparing your taxes, you should use all 1099-Ks to ensure your reporting is complete and accurate.

As a standard practice, Boulevard recommends you consult with your accounting or tax professional to ensure your taxes are filed correctly. Correct tax filing is the responsibility of each Boulevard customer. You’re also welcome to reach out to Boulevard Support if you have questions about the amounts reported. We’re happy to assist.

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