For the tax year 2023, Bushel is required to report 1099-K forms for all individuals (1) with a Bushel Wallet account who provides payment services that facilitate compensation for goods and services and (2) who receive more than $20,000 in payments from over 200 transactions during that calendar year. For this purpose, Bushel reports gross payments. Reporting payments on Form 1099-K does not automatically deem those payments to be income. You will need to work with your tax advisor and produce other records to demonstrate which payments are taxable income.
Bushel Wallet utilizes Dwolla to perform 1099-K issuance.