Post by stardiamond on Dec 11, 2020 22:46:21 GMT -5
I sell as a hobby. Today I got an email saying I'm approaching the limit where a 1099-k is required which according to Etsy is $20,000 and 200 payments in a year. It's December and I'm not half way to those numbers. I sent them in an email about the issue and I may or may not hear back from them. I don't have much confidence in their support. This is from their FAQ
Federal IRS Requirements
Etsy is required to issue a 1099-K form to you and the IRS if you meet both of these requirements:
You had $20,000 USD in sales through Etsy Payments during the calendar year.
You received 200 or more payments through Etsy Payments over that same period.
At some time my all time stats will reach those numbers but not in a calendar year.
On my dashboard I now get the following display:
Shop advisor
Invalid Taxpayer Information
Your taxpayer information is either missing, or doesn't match IRS records. Due to regulations, your Etsy Payments may be frozen if you exceed certain sales thresholds without providing valid taxpayer information.
The notification was premature and the message is heavy handed.
Federal IRS Requirements
Etsy is required to issue a 1099-K form to you and the IRS if you meet both of these requirements:
You had $20,000 USD in sales through Etsy Payments during the calendar year.
You received 200 or more payments through Etsy Payments over that same period.
At some time my all time stats will reach those numbers but not in a calendar year.
On my dashboard I now get the following display:
Shop advisor
Invalid Taxpayer Information
Your taxpayer information is either missing, or doesn't match IRS records. Due to regulations, your Etsy Payments may be frozen if you exceed certain sales thresholds without providing valid taxpayer information.
The notification was premature and the message is heavy handed.
