TheraNest processes payments using two different secure payment processors: Vantage, and Therapy Brands Pay with Stripe. The steps you will take to file your 1099 tax form depend on your payment processor.
How do I know which payment processor TheraNest uses for my practice?
Depending on which payment processor your practice is using, click the appropriate tab below for how to file your 1099 tax form.
File 1099 Tax Form: Therapy Brands Pay & Stripe
Log into your Stripe Account and use the Tax Forms view in the Dashboard to create, modify, file, and deliver 1099 tax forms. Stripe provides support documents to help you Get Started with Tax Reporting and File Your 1099 Tax Forms.
To access your Stripe dashboard, navigate to the TheraNest sidebar menu, click on Organizations, select Settings, click on the Therapy Brands Pay tab, then click the View Dashboard button.
File 1099 Tax Form: Vantage
When and Where Do I Get My 1099K Form?
If you use TheraNest to process Credit Card Payments, you may qualify for a 1099K form.
Vantage will mail the 1099K forms on or prior to Jan 31, 2022. If you believe you qualified for a 1099K but you haven't received your 1099K yet, it is possible that it is still in the mail.
If you still haven't received your 1099K by February 15, 2022, please let us know so that we can open a support request with Vantage to check on the status.
How Do I Qualify to Receive a 1099K?
You will receive a 1099 from Vantage if your Merchant Account or Tax ID:
- exceeds $20,000
AND - 200 transactions.
If the threshold is not exceeded, they won’t be issuing a 1099K (unless the IRS changes the threshold in the future).
NOTE: If any any changes were made to your EIN (i.e. sole prop vs LLC), or business details you need to update this information in your Setup Credit Card Payment to avoid any discrepancies or delays on their 1099.
For more information: IRS.gov - General FAQs on Payment Card and Third Party Network Transactions.
What if I Don't Qualify for a 1099K Based on IRS Rules?
You can use your credit card charges report to see the total number of transactions and total transaction dollar volume for the tax year. You can export that report to share with your accountant.