Square has reportedly filed to go public, even as its CEO will be also be running Twitter

The payments startup Square plans to go public this year and may have already filed a confidential registration document with the Securities and Exchange Commission, sources with knowledge of the matter tell Forbes. Confidential filings are permitted for companies with less than $1 billion in revenue.

"It's going to happen soon, if it hasn't happened already," a source told Forbes' Ryan Mac. "There has been some internal debate about the ideal timing."

The timing is definitely interesting.

On Thursday, Square CEO Jack Dorsey announced that he plans to take on an interim CEO role at Twitter, which he cofounded, when current CEO Dick Costolo steps down on July 1. Under this arrangement, he will be running both Square and Twitter until the latter finds a replacement.

Business Insider heard that Dorsey was actually vying for a more permanent position at Twitter. That plan could be complicated by an impending IPO.

Square's most recent fundraise came late last year, when it raised $150 million at a reported $6 million valuation.