Income Reporting and Tax Documentation Policy

Income Reporting and Tax Documentation Policy

As a multi-vendor marketplace, we are committed to maintaining compliance with all applicable tax laws and regulations. To support our sellers and fulfill our obligations, we have outlined our income reporting and tax documentation requirements below:

1. Submission of Form W-9

To facilitate accurate tax reporting, all sellers are required to provide a completed Form W-9 after registration and before any payments are disbursed. This ensures that we have the necessary information, including your legal name, business name (if applicable), address, and Taxpayer Identification Number (TIN).

• Why We Collect a W-9: The W-9 form allows us to verify your identity and comply with IRS regulations for reporting income.
• How to Submit: You will be prompted to complete and upload your Form W-9 during the onboarding process. Failure to provide this form may result in delays or restrictions on your ability to sell or receive payments from sales on our platform.

2. Annual 1099-K Form Issuance

In accordance with IRS requirements, we will issue a Form 1099-K to sellers who meet or exceed the reporting threshold. For the current tax year, the threshold is $600 in total gross payments within the calendar year, regardless of the number of transactions.

• What You Will Receive: If your sales on our platform total $600 or more during the year, you will receive a Form 1099-K summarizing your gross payment amounts.
• Delivery Timeline: Form 1099-Ks will be issued by January 31st of the following year, as mandated by the IRS.
• Electronic Delivery: To expedite the process, we will provide your 1099-K form electronically by email. Ensure your contact information is up to date to receive important notifications.

3. Seller Responsibility for Tax Reporting

While we provide the 1099-K form for qualifying sellers, it is your responsibility to report your income accurately on your tax return. Please consult with a tax professional to understand your specific tax obligations.

4. Compliance and Data Security

We prioritize the security and confidentiality of your personal information. All submitted W-9 forms and tax documents are stored securely and handled in compliance with data privacy regulations.

For questions or assistance regarding our income reporting policy, please contact sellersupport@peovee.com.