Providing 1099-K for Vendors - Stripe - Bevv

 

The following is directly from the Stripe website.

Every year, the United States IRS requires that Stripe provide a form called a 1099-K for each Stripe account that meets all of the following criteria in the previous calendar year:

  • Account is based in the United States (Owners do not need to be US citizens.)
    AND
  • More than $20,000 USD in total gross volume
    AND
  • More than 200 charges

The 1099-K is a purely informational form that summarizes the sales activity of your account and is designed to assist you in reporting your taxes. It is provided to you and the IRS, as well as some US states. If you are a Connect platform looking for information on how 1099s are issued to managed accounts, please visit this link.

Massachusetts and Vermont recently changed their 1099-K requirements for the 2017 tax year. Stripe will provide a 1099-K form to accounts based in Massachusetts or Vermont who have $600 USD or more in total gross volume. All 1099-Ks that meet the IRS reporting threshold of $20,000 USD in total gross volume and 200 charges will be filed with the IRS. Any 1099-Ks with gross amounts below the IRS’s $20,000 threshold, that were delivered due to the change in state requirements, will only be filed with Massachusetts and Vermont.

To learn more - please follow the link to the Stripe FAQ.