IRS regulations require businesses that process payments, including GOAT, to issue a Form 1099-K to US-based sellers whose sales and transactions have reached certain reporting thresholds. If you are not a US person as defined by the Internal Revenue Service, or do not meet the requirements set forth below, you may not receive a Form 1099-K.

As of July 4, 2025, the 1099-K Federal reporting threshold has changed from $2,500 with no transaction minimum to $20,000 and over 200 transactions per year. This new threshold is effective immediately and will be applied retroactively toward the entire 2025 calendar year.

Please note the following states with lower reporting thresholds for 1099-K issuance, which are set forth below:

Arkansas: $2,500

District of Columbia: $600

Illinois: $1,000 and 4 transactions

Maryland: $600

Massachusetts: $600

Mississippi: $600

Missouri: $1,200

New Jersey: $1,000

Vermont: $600

Virginia: $600

GOAT does not provide tax, legal or accounting advice. This material has been prepared for informational purposes only and should not be relied upon for tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before acting on the information set forth herein.