1099-K Reporting Requirements
Federal form 1099-K, Payment Card and Third-Party Network Transactions, is used by credit card companies and third-party payment processors (also referred to as
“third-party settlement organizations” or “TPSOs”) to report the payment transactions they process for retailers or other third parties to the IRS. Per section 212.134,
Florida Statutes, effective January 1, 2021, those credit card companies and TPSOs are also required to file the informational returns electronically, using the file
specifications set forth in IRS Publication 1220, with the Florida Department of Revenue for any payees in the State of Florida.
Submission Requirements
Payment settlement entities, or their electronic payment facilitators or contracted third parties, must file the 1099-K with the Department if they are required to
file the return to the IRS pursuant to section 6050W of the Internal Revenue Code. The 1099-K is due to the Department 30 days after the federal return is filed.
A penalty of $1,000 per month, not to exceed $10,000 annually, may be imposed for failure to file the information required.
How to File
Visit the Department's 1099-K Reporting application to register using your company’s
details (name, address, phone, EIN and TCC number, etc.). Afterward, you should be able to upload your 1099-K.
If you do not currently have a Transmitter Control Code (“TCC”) number that has been assigned by the IRS, and/or if you do not file your 1099-Ks electronically
with the IRS, please contact the Department at 850-488-6800 for additional information on how to properly file your return.
