What are my responsibilities to the IRS?

Section 6050W of the Internal Revenue Service (IRS) code requires information returns for each calendar year. These returns must be made by merchant acquiring entities and third-party settlement organizations.

Returns are required for the following settlement transactions:

• Payment cards

• Third-party payment networks

To support this requirement, you'll receive a Form 1099-K reporting your gross transaction amounts for each calendar year. Your gross transaction amount refers to the gross dollar amount of the card transactions processed through your merchant account with Moov.

All amounts reportable under Section 6050W are subject to backup withholding requirements. Payors will be required to perform backup withholding by deducting and withholding income tax from reportable transactions if either:

• You don’t provide us with your taxpayer identification number (TIN) or

• The IRS indicates that the TIN and name provided to us do not match.

To avoid backup withholding, it is extremely important that the correct TIN and tax filing name are kept up to date.