Providing W-9 information for tax purposes

All U.S. Tiptree.io members receiving payments directly to their bank account must provide their W-9 tax information. This enables us to issue the appropriate tax forms when necessary.

⚠️ Tax Year 2023 Update (as of November 21, 2023): The IRS has postponed the $600 reporting threshold. For 2023, Tiptree.io will adhere to the previous threshold of $20,000 and more than 200 transactions. Most Tiptree.io members are unlikely to receive a Form 1099-K from us in early 2024.

Why? The IRS mandates platforms like Tiptree.io to collect a Taxpayer Identification Number (TIN) from each account holder, which we gather via a digital Form W-9. At year's end, we report to the IRS using Form 1099-K for users exceeding a certain earnings threshold.

Without your W-9, we cannot generate a Form 1099-K for you or the IRS. You'll be prompted for this information before receiving a booking payment. To avoid delays, add your tax info now!

Legal Notice Regarding Venue Bookings It's important to note that venues where artists perform may also require similar tax information, as these venues are considered the payers for the artist's services. Compliance with these requirements is crucial for both the artist and the venue to adhere to IRS regulations.

How to Submit a W-9 To submit your W-9 information on Tiptree.io:

1. Visit https://tiptree.io/artist-settings/.
2. Click on 'Tax Info & Documents'.
3. Begin to enter your information as prompted.

Updating Your W-9 Info Updating your W-9 information is the same process as adding it. Simply follow the steps above to make any necessary changes to your W-9 details.

About Form 1099-K Form 1099-K is a tax document used by the IRS to report payments received through card transactions or third-party network transactions. If you meet the IRS reporting threshold, Tiptree.io will generate and send this form to both you and the IRS. This form details the gross amount of all reportable payment transactions and is used to ensure that all income is accurately reported on your tax returns.

Frequently Asked Questions:

• What is a W-9 form and why do I need to submit it? A W-9 form is a request for your Taxpayer Identification Number (TIN), which is used by Tiptree.io to report income to the IRS. If you're a U.S. taxpayer receiving payments, you need to submit this form to comply with IRS regulations and to ensure accurate tax reporting.
• What happens if I don't submit a W-9 form? If you don't provide a W-9 form and your earnings reach the IRS threshold, your payments from Tiptree.io may be delayed. Continued failure to provide the form could result in a 24% backup withholding on your payments as required by the IRS.
• How do I know if I need to submit a W-9 form? If you are a U.S. taxpayer and receive payments directly to your bank account from Tiptree.io, you are required to submit a W-9 form.
• Are my personal and tax information secure with Tiptree.io? Yes, your personal and tax information is encrypted upon submission and stored securely. We take data security seriously and use industry-standard practices to protect your information.
• Will I receive a Form 1099-K from Tiptree.io? You will receive a Form 1099-K from Tiptree.io if your annual transactions exceed the IRS reporting threshold. For the tax year 2023, this threshold is set at $20,000 and more than 200 transactions.
• How do I update my W-9 information if my details change? You can update your W-9 information at any time by visiting https://tiptree.io/artist-settings/, clicking on 'Tax Info & Documents', and entering your updated information.
• What should I do if I'm not a U.S. taxpayer but receive payments from Tiptree.io? If you're not a U.S. taxpayer, you may be exempt from submitting a W-9 form. However, it's important to contact us at Tiptree.io to confirm your status and understand any alternative documentation you may need to provide.