Financing, tax rates, and accounting
As we’re currently in tax season, our Tax team is handling a high number of requests to update information on 1099-K forms for store owners. Due to this, there will be a delay in updating your information if you have submitted a request.
We understand that getting this information updated is important and want to assure you that our Tax team is working hard to complete your request in the order that it was received.
We wanted to take this opportunity to clear up some confusion regarding these forms. The 1099-K form is submitted by Shopify to the IRS if you are using Shopify Payments and meet the following requirements:
If you do not meet the above requirements, then you will not be issued a 1099-K form.
The form is submitted on your behalf by Shopify, so any changes that need to be made can be backdated to the date of the request.
You are not responsible for submitting your 1099-K form. You do not need to wait for the information to be updated on your 1099-K form to file your taxes.
You can file your taxes without the 1099-K form using the data in your Shopify reports to fill out your tax forms. Any corrections Shopify makes to the 1099-K form can be backdated to the correct date your information changes.
If you would like to reconcile the amounts listed on your 1099-K, to verify their accuracy, here are the instructions to do so:
More information on the 1099-K form and how to retrieve your form can be found in our help article. If you believe a 1099-K form should be issued to you but you are not seeing one available in your Shopify admin, then please contact Shopify Support for further assistance.
Trevor | Community Moderator @ Shopify
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