IRS regulations require businesses that process payments, including Flight Club, 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.

For the 2024 calendar year, the IRS has reduced the previous reporting threshold of $20,000 USD in gross sales from over 200 transactions to $5,000 USD in gross sales with no transaction minimum.

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

Pennsylvania $600

Vermont $600

Virginia $600

You should receive a Form 1099-K by January 31, 2025 in the event you exceed either the IRS threshold or an applicable state threshold for the 2024 calendar year. Please see IRS.gov for more details regarding Form 1099-K.

Flight Club 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.