This FAQ explains how 1099-K reporting works when you use Float cards to pay vendors. It’s intended for US entities that want to understand whether Float issues 1099-K forms and who is responsible for reporting card payment activity to the IRS.
What is a 1099-K Form?
A 1099-K form is an IRS information return. It’s used to report certain types of payment transactions processed electronically during a tax year.
The form summarizes payment activity and is typically used by businesses to support income reporting for tax purposes.
Does Float provide a 1099-K form?
No. Float does not issue 1099-K forms.
When you use a Float card to pay a vendor:
Float is not the merchant acquirer
Float does not receive card payments on behalf of the vendor
Float has no 1099-K filing obligation
There is also no 1099-K filing requirement for you as the payer.
The vendor’s merchant acquirer is responsible for reporting those card payments and issuing the 1099-K directly to the vendor.
Common examples of merchant acquirers include:
Stripe
Worldpay
Moneris
If a vendor accepts card payments, their merchant acquirer is responsible for:
Filing the 1099-K with the IRS
Sending a copy of the 1099-K to the vendor
If a vendor has questions about their 1099-K, they should contact their payment processor or merchant acquirer directly.