What is a 1099-K?
The IRS requires Payment Settlement Entities, such as RepeatMD, to report the payment volume received by U.S. account holders. The IRS uses Form 1099-K as a report of payments you received for goods or services during the year from credit, debit or gift cards (payment cards), Payment apps or online marketplaces. The informational form is transmitted to the IRS, and copies are sent to qualifying customers. For the 2024 tax year, the form is provided to you and the IRS, as well as some US states, if your gross amount of total reportable payments exceeds $5,000 and your account is based in the US (owners do not need to be US citizens) or the non-US account is for a US taxpayer.
You can see more information from the IRS on this page here:
When and how will I receive 1099-K?
For all those who qualify, you will receive your 1099-K by January 31, 2025. You will receive it both via the mail and be able to access it digitally via your Stripe Express account.
Where does the information on my 1099-K come from?
The information on your 1099-K comes from the information submitted when your Stripe Express Connect account was first created. For your security and safety, RepeatMD does not directly set up your business/tax information, rather, we partner with Stripe to offer you the ability to manage this directly. If any of the information is wrong or out of date, don’t worry, we can help you correct it! See the next section for how to get the information corrected.
How can I correct the information on my 1099-K?
You will first need to perform the following steps to update your information on Stripe to ensure your account is updated for 2024. Once complete, you will need to send an email to our team at taxes@repeatmd.com along with your 2024 W9 for our Finance team to refile.
How can I update my tax information in Stripe?After you complete the following 5 steps, please email your 2024 W9 to:1. Log into Stripe via https://connect.stripe.com/express_login#settings/ 2. Enter the Email address associated with your Stripe account
3. Tap the person icon in the top right of your screen to access your Platform Settings
4. Scroll down and select RepeatMD
5. Under business details, click 'Edit' to input the correct EIN into the box and click 'save'
Once you have completed the above steps, please EMAIL your 2024 W9 to taxes@repeatmd.com |
What if I don’t have the option for “Business Details” or (EIN) in Stripe?
This means that you may have inadvertently signed up as an individual not as a business. That’s okay, you can easily change that with Stripe:
1. Please email https://support.stripe.com/contact?skip_login=true
2. Select “Tax” in the box for what you need help with
3. Look at the below list of business entity structures, you’ll need to tell Stripe what structure represents your business registration:
Sole proprietorship
Partnership
Limited liability company (LLC)
C corporation (C corp)
S corporation (S corp)
4. For “What's your question?” enter in "Change my verification to one of the above business entities"
5. For “Add people to the conversation,” please CC your Customer Success Manager and taxes@repeatmd.com (if you are unsure of your Customer Service Manager email, please include support@repeatmd.com)
6. Press “Send Email”
You will receive a second form if you have received money via a platform other than Stripe.
Payments through Bill.com will require a separate 1099-K, which will be sent directly from RepeatMD (as opposed to Stripe with our name on it). No action is required on your behalf
If you need more assistance, chat with us on Messenger.🗨️