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
- Form 1099-K: An overview
- What is a Form 1099-K?
- What is the purpose 1099-K reporting?
- When will I receive my Form 1099-K?
- How is the “gross amount” defined on the 1099-K?
- What are the Form 1099-K thresholds?
- What is a Federal “TIN” or Tax Identification Number?
- 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
- What do I do if I think my Form 1099-K is incorrect?