BitPay creates and files a 1099-K form for you if your merchant account meets both of the following requirements:
- BitPay has processed over 200 transactions for your merchant account
- BitPay has processed over 20,000 USD worth of transactions for your merchant account
When reporting your 1099-K form, if your merchant account met the aforementioned requirements, BitPay will equate all settlements to the USD value at the time the invoice was created.
For instance, if you have elected to receive your settlements in 100% BTC and your merchant account has met both the aforementioned criteria, BitPay will report the USD equivalent of the BTC settled to your merchant account.
Article is closed for comments.