If you are a subscriber to ClubReady's Fully Managed Billing platform, ClubReady will be mailing out your annual 1099-K to the address on file within your site under the SETUP tab: Corporate (legal entity) Address.
The Form 1099-K, Payment Card and Third-Party Network Transactions, reports the gross amount of reportable credit card transactions for the calendar year to the IRS. If you receive a Form 1099-K, you should retain it for your records and may use it to assist you in completing your tax returns. Per federal law, the 1099-K forms will be sent out by 1/31/25.
PLEASE NOTE: The 1099-K is for informational purposes only and is NOT required for tax filing. The amount reported is ONLY Gross Credit Card Transactions run through your ClubReady site. It DOES NOT account for refunds and/or returns, or any fees that may have been deducted from your remits such as Franchise Fees, Software Fees, Remit Statement or ACH Fees; these fees can be reconciled by your accountant, and they are often expensed out. You may cross check the information contained within your 1099-K by logging into your ClubReady site, go to Reports > Sales > Payment Type breakdown to pull your 2024 credit card totals.
Please also keep in mind when reconciling your financial reporting that the reports include all transactions run through 12/31/24; however, remit deposits for the last week of December would not have been deposited to your banking account until on or after 1/2/25. For full financial reporting please refer to your remit statements provided to you and available within your ClubReady site. Please seek tax advice from your accountant or tax professional regarding any further questions about your 1099-K form.