U.S. tax laws require you to submit taxpayer information if you process over 200 transactions.
If you process over 200 orders and have not provided us with your taxpayer information, Competition Corner is required to withhold on your payout until we receive this information. To avoid service interruptions, please fill out your taxpayer information now.
Please contact a tax professional for assistance with your individual situation.
1. Why am I being asked to fill out a Form W-9?
We're required under U.S. tax laws to file a Form 1099-K for our customers who are U.S. persons and have received more than $20,000 in gross sales from Competition Corner and processed over 200 orders through Competition Corner during a calendar year. We need you to fill out a Form W-9 so we can gather some basic information from you as well as obtain the proper information to file a correct Form 1099-K as applicable.
2. What is the Form 1099-K?
Form 1099-K is a U.S. tax form that a payment settlement entity (in this case, Competition Corner) is required to file for payments made in settlement of reportable payment transactions (this means your gross ticket sales) for each calendar year.
3. When do I have to fill out the Form W-9 by?
Please fill out the Form W-9 before you transact 200 orders. If you process over 200 orders and have not filled out the Form W-9, we will temporarily suspend your payout until we receive this form.
4. What will I receive once I've submitted the Form W-9?
Once you've successfully completed the Form W-9 you will receive an email confirmation from Competition Corner. This email will include information on when you can expect to receive the Form 1099-K.
5. What if I've been collecting money on behalf of a third party?
Competition Corner will issue you a Form 1099-K for all transactions from your Competition Corner account. If you are collecting funds for a third party, please contact your tax advisor on how to report that to the IRS.
6. What happens if I do not complete the Form W-9?
If you process over 200 orders and have not filled out the Form W-9, we will temporarily suspend your payout until we receive this form. In addition, we will be unable to complete and send you a Form 1099-K.
7. I made a mistake and submitted the wrong information on my Form W-9. How do I update my information?
If you'd like to update or change your information, log in to your Competition Corner account. Go to your profile section and click on the Taxpayer Information tab. Within this section, you will see the information you have previously provided and will be able to resubmit your form if something is incorrect or has changed.