In accordance with IRS guidelines, if YapStone does not have your correct Federal Tax Identification Number and Legal Name (as on file with the IRS), your payments may be subject to backup withholding. The current federal withholding amount is 24%.
Articles in this section
- I don’t want a 1099-K, I already report my income to the IRS – why do you need to report as well?
- You’ve issued my 1099-K to my LLC, but my LLC was not set up until June 30 of last year. I need the volume split between my SSN and my LLC’s EIN
- You’ve issued the 1099-K form to me as an individual, but I have separate LLCs set up for my listings/properties
- What do I do if I think my Form 1099-K is incorrect?
- What do I do with the information on Form 1099-K?
- What if my TIN or Legal Name is different than what the IRS has?
- How is “Legal Name” defined?
- Why is the 1099-K amount so much higher than the amount of my deposits for the year?
- How is the “gross amount” defined on the 1099-K?
- What is the purpose 1099-K reporting?