This statement contains ParqEx’s policy regarding its obligations to make returns with respect to transactions processed through the ParqEx platform under federal law.
- ParqEx is a “third party settlement organization” & does not report (issue IRS Form 1099s) with respect to any user unless the total annual payments received exceed the de minimis amount of $20,000 over at least 200 separate transactions under 26 USCS § 6050W(e).
- ParqEx reports (issues an IRS Form 1099) the gross annual transaction amount (including all refunds, cancellationsandfees) with respect to each user that exceeds the de minimis amount set forth in 26 USCS § 6050W(e) by January 31st of the following year.
ParqEx and its affiliates do not provide tax, legal or accounting advice. This policy was prepared and is being provided for informational purposes only. It is not intended to provide, and should not be relied on for, tax, legal or accounting advice. Users should consult with their own tax, legal and accounting advisors before engaging in any transaction.