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.
For reporting purposes, the State of Florida adheres to
Internal Revenue Service (IRS) guidelines
regarding threshold amounts for 1099-K filings by payment card companies,
payment apps, and online marketplaces. These thresholds are set by the IRS
and are subject to change. Please refer to the IRS guidelines for the most
current threshold amounts applicable for both federal and State of Florida
reporting purposes.
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.
