1099-K Statement? We just received a 1099-K from the IRS for tithes from Faithlife giving (and Worldpay eCommerce LLC). Our Treasurer is asking what we are supposed to do with it. Any idea of the answer I should provide?
- Great Question Greg Balzer. Most Non-Profits report the 1099-K contributions on their 990-series forms and store the form for their records. You should connect with your Tax advisor to see what they recommend. The requirement previously was to report anything over $20,000. That has been updated to anything over $600. https://www.irs.gov/instructions/i1099k