[Account Owner] Do you issue 1099k's?

Yes! As a third party network, we generate, file, and send 1099-Ks for AdvicePay accounts that meet the IRS minimum threshold requirement. 

  • For tax years 2021 and prior, this threshold applies to firms that exceed both 200 transactions and $20,000 on AdvicePay during the course of the year. 
  • Beginning in tax year 2022, the IRS minimum threshold requirement is changing and will apply to all firms that meet or exceed $600 in transactions on AdvicePay during the course of the year. This will impact 1099-Ks sent in 2023.

1099-K forms are mailed to the business address we have on file each January. If you've recently moved, please reach out to our team at support@advicepay.com so we can help get your address updated!

Please note that 1099-Ks are sent to the  primary firm registered with us. Transactions reported in the 1099-K will include all client payments that have taken place on the account. Advisors added underneath a firm do not receive separate or individual 1099-Ks. 👍

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