We’re excited to announce that Stripe has acquired Payable to help make it easier for platforms and marketplaces on Stripe Connect to meet their tax reporting obligations worldwide.
Multi-sided platforms around the world are using Stripe Connect to accept money, pay it out to third parties, and eliminate all the complexity that’s typically involved. One traditional pain point is tax reporting: as a marketplace, you’re often providing taxable income to participants of your marketplace, which must be reported to the IRS or other tax authorities. We heard from our users that accurately generating, delivering, and filing tax forms for as many as hundreds of thousands of vendors, contractors, and partners in multiple countries was a consistent difficulty and something they’d like to see fixed.
We partnered with Payable in 2015 to provide and distribute 1099 tax forms to Connect platforms. Payable built a deep integration with the Stripe API that automated generating and sending the right tax forms to the right people for thousands of Stripe platforms. Now, as part of Stripe, the Payable team will continue to improve Stripe Connect’s tax support to better serve global platforms and marketplaces.
Payable’s tax reporting tools will stay hosted on payable.com through the next tax season and we’ll use the current Payable integration to generate any required tax forms for 2017. We will fully integrate Payable with Stripe Connect and the Stripe Dashboard after that.
We’re thrilled to welcome the Payable team to Stripe and look forward to making Connect even more useful for marketplace businesses.