Taxpayer Information, Forms W-9 and 1099K
Why am I being asked to submit taxpayer information?
As a payment settlement entity, the IRS requires that Pioneer Registration Services, LLC (athleteReg) send out 1099-K forms to all U.S. based entities that process:
- Gross payments that exceed $20,000; AND
- More than 200 transactions.
Massachusetts and Vermont have additional reporting requirements for 2019:
- The Massachusetts Department of Revenue requires we send you a Form 1099-K at the end of the year when gross payments total $600 or greater.
- The Vermont Department of Taxes requires we send you a Form 1099-K at the end of the year when gross payments total exceeds $600.
In order to determine if you qualify and to track this accurately, we collect your taxpayer information. The information we collect is found on your Form W-9.
What’s a 1099-K?
If you meet the criteria of processing gross payments that exceed $20,000; AND more than 200 transactions we will send you a 1099-K. (In 2019 for Massachusetts if you meet or exceed $600, you will receive a 1099-K, and in Vermont, if you exceed $600, you will receive a 1099-K).
This is an informational form that summarizes the sales activity of your account and is designed to assist you in reporting your taxes. According to the IRS, this provision is designed to improve voluntary tax compliance by business taxpayers and assist the IRS in determining the tax returns are correct and accurate.
When do I need to submit taxpayer information?
As a reminder to enter your information, we’ll notify you in your Event Director account and via email when you reach the following order thresholds:
• At $15,000 in gross payments and at least 100 transactions, we'll display a message in your Event Director account and send an email to the Event Director’s email address.
• At $20,000 in gross payments and at least 200 transactions, we'll continue to display a message in your Event Director account and send a second email to the Event Director’s email address. Failure to complete the Form W-9 at this point will result in payouts being withheld.
What Information Do You Collect?
The information we collect appears on a Form W-9 and should be entered into the Taxpayer Information section of each of your event’s payment profiles. We ask for:
- Full Name: Your legal name (as shown on your income tax return).
- Business Name
- Federal Tax Identity Type (Individual, CCorp, SCorp, Partnership, Trust, LLC-C, LLC-S, LLC-P, Other)
- Taxpayer Identification Number (TIN): Employer Identification Number (EIN) for a business, or a Social Security Number (SSN) for individuals.
- Your electronic signature: Your full name, which will be your electronic signature.
How do I provide my taxpayer information?
To fill out your Form W-9, login to your event director account, click on the ‘Payment Profiles menu item from your Event Director Tasks.
Click “Edit” by the payment profile that needs tax information.
Once here, choose to supply your W9 info now:
Fill in all required fields accurately and click “Save Payment Details”:
More details, tips, and resources
NOTE: If you previously provided a valid Form W-9, we won't ask you to fill out another one. If the information has changed, you can update it by editing that payment account and tax information. You’ll need to complete the entire Form W-9 when updating.
NOTE: Pioneer Registration Services, LLC can’t provide tax advice. If you have any questions about the Form W-9, or Form 1099-K, please consult a tax professional.
TIP: The 200-order threshold includes every transaction processed in your account. This includes refunded or removed registrations, not just those we send you payment for.
- To better understand your 1099-K, click here
- To see an example of the 1099-K, click here
- For Massachusetts requirements, click here
- For Vermont requirements, click here
- For assistance in filing your 1099-K, please consult a Tax Advisor