200 transactions on yearly report.

[Portside]

We just received our yearly report from square. The report claimed we did 200 transactions on it. 

We’ve been keeping track of our transactions and have actually done fewer than that. It appears square is ‘rounding up’. 

This concerns us since if you hit 200 transactions they will report your earnings to the IRS.  We were very careful to keep our transactions fewer than that. 

How can we get an accurate report that shows the true number of transactions from square? We don’t want them to use this false rounded-up report and report false transaction numbers to the IRS. 

[JustinC]

Hey @Portside - thanks for posting!

We don't round up the number of transactions you process. Keep in mind, the total number of payments reflected in the Transactions Report includes cash and other tender sales also. Those sales are not reported to the IRS since we're only required to report card payments.

If you remove non- card sales from the bunch, does your total dip below 200? (Learn more about Square Tax Reporting here)

[Portside]

Yes if we remove the cash transactions it drops below 200.

Does that mean since we did fewer than 200 credit card transactions that won’t get reported ?

[ashc]

Hey @Portside!

Without access to your account- it's hard to say for sure. 

But essentially yes anything below 200 credit card transactions isn't reported to the IRS.