All Pros engaged with Taxfyle must create a Stripe account in order to collect the earnings for jobs completed within the platform. In order to create an account, please visit the Stripe website. When creating a Stripe account, be sure to enter the same email address originally entered as your username. Stripe is Taxfyle’s third party payment solutions provider and is used to both collect online payments from clients and transmit earnings to CPAs. To integrate your Stripe account, simply select "Connect with Stripe" within your Account dashboard while still logged into Stripe. Your access to the dashboard will be restricted until you complete this setup. Once your Taxfyle account is connected to Stripe, Taxfyle will direct all payments to that account going forward.
At the end of the calendar year, Stripe will provide you with your form 1099-K. The Internal Revenue Service (IRS) requires that all US companies processing payments, including Stripe, report the gross earnings of US customers that earn over $20,000 and have 200+ transactions in the calendar year. If you cross both IRS thresholds in a calendar year, Stripe will provide you with a Form 1099-K.