Starting in December 2016, all Stripe Connect customers will have the ability to seamlessly integrate their payments data with Payable’s 1099 tax service. Stripe is covering the full costs of e-delivery and e-filing forms for Stripe Connect marketplaces. Here’s what the integration includes:
Stripe Connect and Recipient Transfers platforms can easily import their 2016 payments data and recipient tax identification information with Payable to generate 1099-MISCs or 1099-Ks.
You can get the process started by clicking on the link included in the banner displayed on your Stripe account (#1).
Click "Connect with Payable" (#2) to kick off the onboarding process. Then Payable will confirm that you have successfully connected Stripe:
After account payments and recipient identification data has been imported and stored, we offer companies the ability to classify payments for either 1099-MISC, 1099-K , or a mixture of both for certain recipients. Head to the Taxes page of your Payable account and set up your company tax forms settings.
We’ve built an entire 1099 Tax Center to help companies better understand requirements. Companies can also invite their accountant into Payable so they can guide you through the process and help with any tax forms related questions.
Once your 1099 forms are generated Stripe platforms can invite their 1099 recipients to Payable from The Taxes page. Recipients will have the ability to add info where missing, update out of date details, and/or confirm that all necessary tax data is correct.
Companies can invite recipients to Payable to obtain their 1099 form delivery preference. Many choose e-delivery (saving you money). Companies are required by the IRS to obtain consent from the form recipient that they prefer e-delivery, or else the default is paper delivery.
The IRS prefers e-filing, and actually requires it when a company files more than 250 1099 forms. Payable takes care of e-filing forms with the IRS and Stripe covers this cost for marketplace customers.
We’ll let you know that the e-filing process has been completed and successful for each contractor.
$0.99 per payment