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Why are 1099-Ks important?Â
Form 1099-Ks are critical because businesses are required to report on their income tax return all the income they receive. Additionally, Form 1099-K improves voluntary tax compliance and encourages businesses to keep records that ensure what is being recorded is reflected in their business income.
To ensure that the information for your Form 1099-K is correct, you will need to enter your tax information and sign your W-9 in Zonos Dashboard.
1
Enter or update your tax filing information
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Log in to your Zonos Dashboard account.
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Navigate to the Settings section in the sidebar.
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Under the Account section, select General.
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Enter your Name of filing entity, Entity address, and your employer identification number (EIN)
- If the Name of filing entity and Entity address are the same as the Store name and Store address, you can check a box, indicating that this information is the same, so that you don’t have to fill out the information twice.
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Click Save.
2
Sign your W-9
The W-9 provides general tax information about the retailer needed when Zonos submits the form to the IRS to ensure that the Form 1099-K will be accurate.
1. Select Settings on the left sidebar, then under the Account section, select Tax documents.
2. Click Create.
3. Validate that the information is accurate.
- If the information is not accurate, go back to the General section of the settings and make any necessary adjustments.
4. Click Save.
5. Click Sign once the document is available.
6. The W-9 will populate based on the information shown above and you can fill out all required fields:
- Merchant category code*
- Entity type
- Name and email address as the Signer
7. Make sure all the information matches IRS records.
8. Click Finish.
*If you are unsure what your merchant category code is, you can visit this page to identify the type of business.
Form 1099-K
Manage your tax filing information in Zonos Dashboard.
Form 1099-Ks include the gross amount of all reportable payment transactions to the IRS. Zonos submits this document to the IRS to report the proceeds of payment card and third-party network transactions made to each retailer. Retailers also receive Form 1099-Ks from Zonos for their taxes, but only retailers who meet the following criteria:
Your Form 1099-K will be sent out at the end of January for the previous calendar year via email to your primary billing contact on file, which can be found or changed in Zonos Dashboard by going to Settings → Billing under the Account section on the left sidebar.