As a Third-Party Settlement Organization (TPSO) federal law requires Goodshuffle, Inc to submit form 1099-K’s to vendors who meet certain criteria. To submit these 1099-K forms we use a service called Payable.com, a subsidiary of Stripe.com (our payment gateway), to make this process as simple for you as possible.
Why is a Form 1099-K needed?
Goodshuffle Pro supports the processing of credit and debit card transactions for our vendors and that requires a Form 1099-K to be submitted to the IRS annually for every vendor that meets certain criteria.
You can find out more information regarding form 1099-K on Payable’s website (1099 K sections only) or on the IRS’s own website.
Do you meet the filing criteria?
As a TPSO, Goodshuffle, Inc is required to file a form 1099-K when reporting payments to a vendor that exceed both 200 transactions and $20,000 during the course of a year. (Source)
Do I need to do anything?
Stripe automatically determines who needs to file a form 1099-K and — once Goodshuffle has provided our information — an automated process will trigger email notifications (sent by Payable.com) to every account owner that meets the filing criteria.
I’ve received an email from Payable.com, now what?
If you have received an email from Payable.com asking you to create an account, it means that you have met the criteria requiring you to submit form 1099-K. Here’s an overview of the process:
- You will receive an invitation to Payable
- You will need to sign up for Payable
- You will then input the necessary tax identification information (e.g. TIN, SSN, Name, Country, etc)
- You will then verify you tax information (imported from Stripe). You will have the ability to add, edit, update information where necessary.
- You select your delivery preference (E-Delivery or Mail)
If you have any questions regarding the process, please contact us at email@example.com.