If your merchant account meets both of the following conditions, your business qualifies for IRS reporting:
- Processed more than $20,000 in gross sales for goods and services during the calendar year and
- Processed more than 200 transactions in the calendar year
These thresholds are based on the combined gross sales volume processed on all accounts that use the same Tax Identification Number (TIN). If you have multiple accounts operating under the same TIN, the processing volume will be combined for all accounts to see if you meet threshold.