If you use Competition Corner's Payment Processing in the U.S., the IRS requires us to issue a Form 1099-K when you process 200 transactions and more than $600 in gross sales across all your events during a calendar year. As you approach this threshold, we’ll reach out to request that you fill out your Form W-9. If you end up meeting both thresholds, Competition Corner will mail you a Form 1099-K to file with your taxes.
The 1099-K is a purely informational form that summarizes the sales activity of your account and is designed to assist you in reporting your taxes. It is provided to you and the IRS.
NOTE: If you don’t enter your taxpayer information before you exceed 200 transaction, we are required to withhold all future event payouts until the form is completed.
Why we need your taxpayer information
Competition Corner needs your "Taxpayer Information" to determine if we need to file a Form 1099-K for you. The information we collect is found on your Form W-9 and you can enter it as early as you’d like. As a reminder to enter your information, we’ll notify you when you reach the following order thresholds:
TIP: The 200 transaction threshold includes every transaction processed in your Competition Corner account. This includes refunds.
Information we collect
The information we collect appears on a Form W-9 and should be entered into the Taxpayer Information section of your Competition Corner account.
Here are a few tips to get you started:
- Name: Enter your legal name (individual) or your business name (business entity).
- Address: Enter a physical address.
- Taxpayer Identification Number (TIN): Enter an Employer Identification Number (EIN) for a business, or a Social Security Number (SSN) for individuals.
- Your electronic signature: Type in your full name, which will be your electronic signature.
TIP: If you need to set Competition Corner up as a vendor or simply need it for reference, download our current Form W-9.
NOTE: Competition Corner can only collect taxpayer information from one party. If you're collecting funds for a third party or multiple organizers, please contact your tax advisor for advice on how to complete your Form W-9.
How to provide your taxpayer information
After logging in to your account, go to your profile and click the Taxpayer information tab to securely submit your W9.
Only fields marked with an asterisk are required. Once you've completed the form, you'll receive an email confirmation from Competition Corner.
TIP: If you previously provided a valid Form W-9, we won't ask you to fill out another one. If the information has changed, you can update it by selecting "Update Information". When making changes, you’ll need to complete the entire Form W-9.