For this 1099 tax season, we've tried to anticipate questions you might have as your platform prepares to file and have included those below.
The information required to complete a 1099 is as follows:
1. Legal name
2. Business name if different from the previous name
4. Social Security Number (SSN) or Employer Identification Number (EIN)
5. Federal tax classification
6. Email address to invite users to Payable and e-deliver their Form 1099
7. Gross amount of payment third party network transactions for 1099-K or nonemployee compensation for 1099-MISC
Stripe has most of this information on file from onboarding merchants, but please make sure this information has been passed to Stripe. If you have a significant number of connected accounts without this data or have not passed it to Stripe (especially email addresses), we definitely suggest reaching out to your Custom and Express accounts to collect this information and passing it to us via the API before syncing with Payable. If this applies only to a few accounts, this will be called out through Payable's interface and the information can be requested from the user at that point.
You can find details for updating account information via the API here:
- For Custom and Express accounts: https://stripe.com/docs/api#update_account
- For Recipients accounts: https://stripe.com/docs/api#update_recipient
Stripe ha've worked with Payable to offer a guide as you think about the type of filing you want to make:
You should work with a legal or tax professional to figure out what type of filing is right for your business.
01/01/2018: The first day you can import all 2017 data to Payable
01/08/2018: The first day you can initiate delivery and filing of 1099 forms
01/24/2018: Last day to deliver 1099s via postal mail when using Payable mailing services to ensure delivery by 01/31/2018
01/31/2018: Last day to deliver 1099s
$0.99 per payment