We replaced Payable with a 1099 tax reporting and filing product in the Stripe Dashboard. Our 1099 tax solution includes several new tax reporting features that were not supported with Payable. This guide helps former Payable users understand what’s new and how to support common tax reporting workflows with our new product.
New features in the Stripe Dashboard, previously not available with Payable
- Support for 1099-NEC: The IRS introduced a new 1099 form for the 2020 tax year. Many businesses that previously filed the 1099-MISC to report non-employee compensation in Box 7 will use this new form. You can now file and deliver the 1099-NEC for your connected accounts.
- Improved usability and scalability: Instantly filter by tax form status, YTD volume, merchant ID, and state. Export or import thousands of tax forms in minutes.
- Taxpayer identification number (TIN) status: See whether your connected accounts’ TIN is missing, provided, mismatched, or verified. This can help you determine whether you need to contact your connected accounts to update their information, since TIN is a required field for 1099 tax forms. You can ensure TINs are fully verified by using tax capabilities.
- Configurable YTD totals: Choose to report payments including fees, payments excluding fees, or payouts only.
- No syncing required: Get a unified view of your connected accounts’ identity and payments data, directly sourced from your Stripe account.
How to support common tax reporting workflows in the Stripe Dashboard
How do I update tax information for my connected accounts?
You can update information for a connected account by directly editing the connected account in the Dashboard or calling the update account API.
If you want to change the tax form but not the connected account, you can import a CSV file with the updated information. Consider updating the connected account with the same information for future tax years.
If you previously used Payable to collect updated information for your connected accounts and don’t have an alternate way to do this, they can provide this information in Payable. Please contact us for instructions.
How do I collect and verify TINs for my connected accounts?
Some businesses collect W-9 forms to request TINs for tax reporting purposes. Stripe collects and verifies TINs and other required information when you use U.S. tax reporting capabilities. For this reason, Stripe recommends that you apply this capability to your connected accounts.
How do I e-deliver tax forms to my connected accounts?
You can bulk download electronic (PDF) tax forms and send them to your connected accounts using secure email, or make them accessible on your website or app. If you choose to exclusively e-deliver forms to an account, the IRS requires that you collect consent from the recipient to do so. (Payable formerly handled electronic delivery to connected accounts automatically.)
Stripe will also mail paper forms to your connected accounts, just like Payable.
How do I file tax forms with states?
Stripe takes care of e-filing 1099 tax forms for states that participate in the Combined Federal/State Filing program, just like Payable. Stripe provides Pub 1220 files for states and forms that require direct filing.
How do I file tax forms for individuals or businesses that are not connected to my platform?
If you need to file 1099 tax forms for a recipient without a Stripe account, you can create a connected account for them, collect the required information (e.g., address and TIN), and import their tax form data using CSV import.
If you have any feedback or questions about how to support your specific use case, please contact us. We’re working on adding new features to simplify 1099 tax reporting.