**Update: As of 12/23/22, the IRS has pushed back the implementation of the new reporting threshold of $600 for third-party settlement organizations for at least one year. The legacy threshold of $20,000 and 200 transactions is now in effect for the 2022 tax year. For detailed information, please refer to the IRS announcement.
If you use Ticketleap Payments in the US, the IRS requires Ticketleap to issue a Form 1099-K when you sell $600 in sales across all your events during a calendar year. Ticketleap requires that you fill out your Form W-9 in order to receive your payouts.
Who is required to enter taxpayer information?
You're required to enter taxpayer information if you've:
- Hosted events in the US and have US payouts
- Hosted events in the US and have international payouts
- Hosted events internationally and have US payouts
If you’re a nonprofit, you still need to provide your taxpayer information. Ticketleap is required to collect taxpayer information for all paid events regardless of your tax status.
If your account meets these requirements, Ticketleap will send a W-9 form to the account owner’s email address.
Entering your taxpayer information
Before you start:
- The taxpayer information you enter must match the bank account used to receive the payout.
- You can only enter one set of taxpayer information per Ticketleap account.
- If you need help filling out the tax form, check out the form instructions for W-9 available on the IRS website.
- You must be the account owner. If you're a team member on the account, contact your account owner to fill in the taxpayer information.
If you don’t enter your taxpayer information
If you don't enter your taxpayer information, Ticketleap will hold your payouts when you sell $600 in sales across all your events during a calendar year.
Once taxpayer information is added, Ticketleap sends eligible payouts on the next business day. If it's been more than 60 days since your event ended, please email firstname.lastname@example.org.
1099-K and reporting information
The 1099-K is an informational form that summarizes the sales activity of your account. It is designed to assist you in reporting your taxes.
In January of each calendar year, Ticketleap emails a 1099-K to each qualified organizer who entered taxpayer information. If you did not receive your 1099-K, or need it resent, please email email@example.com.
Ticketleap is unable to offer tax advice. If you have questions about how to report the transactions listed in your 1099-K, consult a tax professional.