Congratulations on taking that step with your business! We have to issue 1099-K forms for every TpT Store that has had sales of $20,000 or more in the year. If that's you, you'll get a 1099-K regardless of what type of business entity you are.
If you had sales of $20,000 or more from 12/1 to 11/30 and had a change in your business entity during the year (for example, if you were operating as a sole proprietorship but registered as an LLC or an S Corp in the middle of the year) be sure to let us know by filling out this form. In this event, we'll need to have the following:
- A W-9 for business entity or individual information from the first part of the year
- A W-9 with your new business entity's information
- The date that you established your new business entity (filing date)
In most cases, we'll issue you two 1099-K forms as well, one representing your sales under your previous entity, and another representing your sales under your new entity. We'll split your gross sales for the year based on the date of the change.