Platforms using Stripe Connect with Custom or Express accounts can use Payable to generate, file, and deliver 1099 tax forms.
You can now sync your Stripe data with Payable and you’ll be able to generate and file 1099-MISC or 1099-K forms starting January 14th, 2020.
When syncing data between Stripe and Payable, we only move information for connected accounts that were not already on Payable.
If you are using Payable for the first time, we will import all of your connected accounts data. But this also implies that any future sync will not refresh/edit any data imported during your first Payable sync but only add net new connected accounts information. If you used Payable in the past, we will only add connected accounts you did not import during previous tax seasons.
Importing recipient tax information
Here’s how you can import your 2019 payments data and recipient tax identification information into Payable:
The import process will take anywhere from a few minutes to 48 hours, depending on the volume of accounts and transaction data.
Generating 1099 forms
We’ve built an entire 1099 Tax Center to help you better understand requirements, and you can also invite your accountant into Payable so they can guide you through the process and help with any tax-related questions.
Once 1099 forms are generated and reviewed by your team, you can invite your connected accounts to Payable. These accounts can add missing information, update out-of-date details, and/or confirm that all necessary tax data is correct. Please be aware that once a connected account accepts your Payable invite, they will own their personal data on Payable, and you will not be able to edit them.
E-filing with the IRS
The IRS prefers e-filing, and actually requires it when a company files more than 250 forms. Payable helps take care of e-filing forms with the IRS. You can see how much it costs to e-file forms through Payable here.
$0.99 per payment