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Understanding merchant tax regulations 

 

Avoid fines by ensuring your business is compliant with US tax regulations.

American Express® is required by Internal Revenue Code (IRC) Section 6050W to file IRS Form 1099-K to report the gross amount of Card transactions for all US merchants each year, along with the merchants' legal names and Taxpayer Identification Numbers (TIN).

US Merchants

Keep your information current

Make sure your legal name and TIN on file with American Express and the IRS are both correct. You could potentially be subject to a 24% US Federal backup withholding tax and state backup withholding tax on payments beginning January 1, 2018.

 

Review Form 1099-K

Form 1099-K will be issued in the month of January following the year payment was made. Merchants must review this information and alert American Express of any inaccuracies.

Non-US Merchants

Verify non-US status

To claim exemption from future 1099-K reporting and the associated US federal backup withholding tax, you must verify your non-US status with American Express by properly completing a Certificate of Foreign Status.

 

Select "Continue" to be taken to a third party site to complete this form.

Need Help?

Contact a Customer Service representative at 1-800-528-5200.

 

Download 6050W reporting requirements

 

See a sample 1099-K Form

 

See FAQs



Note that information herein does not constitute tax, legal, or other professional advice. Merchants should contact a tax, legal, or professional advisor to understand the impact of Form 1099-K reporting on their business.