All US payment processors, including BitRail which offer FreedomCoin, are required to provide information to the US Internal Revenue Service (IRS) about customers who receive payments for the sale of goods and services in excess of $600 in a calendar year.
Accordingly, BitRail / FreedomCoin tracks the total payment volume on your account to determine whether your transactions meet the IRS threshold in a calendar year.
BitRail / FreedomCoin users will be required to provide tax information that may include a Social Security Number (SSN), or an Employer Identification Number (EIN), if they have not already provided it.
BitRail / FreedomCoin will ask you to provide your Social Security Number (SSN), or Employer Identification Number (EIN), to be added to your existing account, if we do not have it on file yet.
If you meet the IRS threshold in a given calendar year, BitRail / FreedomCoin will file a Form 1099-K with the IRS by the required due date.
New U.S. Tax Reporting Requirements for Tax Year 2022 Form 1099-K
1099-K instructions on the IRS website: Instructions for Form 1099-K
We’re here to help. If you have any questions or concerns regarding this change or your BitRail account, open a support ticket or send an email to our Customer Support.