Withfriends Tax Forms
Explanation of the 1099-K filed by Withfriends
If you process more than 200 transactions and more than $20K in a given year, you will receive a 1099-K from Withfriends for the year.
Please note that this tax form reports the "Total Gross Volume". (This is often a point of confusion.)
We're required to report the gross payments which includes how much was sent to a payee before any processing or platform fees, and more.
In specific, the "Total Gross Volume" includes:
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Stripe processing and conversion fees
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Shipping fees
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Taxes
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Refunded charges
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All adjustments
These additional fees, refunds, and adjustments are not deducted from charges when calculating your gross volume and reporting to the IRS.