This article only pertains to users in the USA. Learn about updating international tax information.
If you update your bank account information, the name on your bank account needs to match the name or business entity you have provided.
Learn more about US tax reporting requirements for 2023, including how Reverb is advocating for change.
FAQs
Which taxpayer IDs are required for my Form 1099-K?
For 1099-K requirements, the only US Taxpayer Identification Numbers (TINs) accepted are:
- A federal Employer Identification Number (EIN),
- A federal Social Security Number (SSN), or
- An Individual Taxpayer Identification Number (ITIN).
This system will reject any other tax or permit number provided if it’s not one of the three listed above.
I’ve provided my tax info for 2023 and received my digital Form 1099-K, but the information is incorrect. How do I update it?
If you’ve provided your taxpayer information for 2023 and your information is incorrect on your digital Form 1099-K, you can update it from the “Tax ID” page of your Reverb account until March 12, 2023. As of March 13, 2023, we will no longer be able to accept changes to 2023 tax information.
After your information has been updated, your downloadable 1099-K form will be available by March 27, 2024.
* Date subject to change and communications will be sent to sellers if dates change.
I’m not a US citizen, do I need to provide taxpayer information?
If you are not a US citizen and don’t file a US tax return, the tax reporting requirements mentioned above do not apply to you.
If you aren’t located in the US but you are paid in USD, we will need a Form W-8 BEN on file to remove you from the 1099-K obligation. Reach out to 1099taxreporting@reverb.com for more information.
I’m an individual seller, do I need to provide taxpayer information?
Depending on where you’re located and how much you’ve sold on Reverb, you may be required to receive a Form 1099-K from Reverb for your 2023 sales. Based on federal IRS thresholds, Reverb is required to issue a Form 1099-K to you and the IRS if both of the following are true:
- You had more than $20,000 USD in sales through Reverb Payments in 2023.
- You had more than 200 or more transactions in 2023.
Some states have different requirements. You’ll receive a Form 1099-K if you met your state’s threshold in 2023.
What to know if…
I'm a US business.
If you’ve legally organized yourself as a US business (and are not a sole proprietor) and use an Employer Identification Number (EIN), you may need to enter your business name under “legal name” and “street address” on the Tax ID page.
I’m registered as a business (entity) and file my taxes as a business.
If you’re registered with the IRS as a business (entity) and file your taxes as a business:
- Use the business name and EIN that is registered with the IRS.
- Refer to the letter provided by the IRS after you registered your EIN. This letter should indicate the correctly matched taxpayer name and EIN. We’ll use this to match the IRS database.
I’m registered as a business (entity) and file my taxes as an individual.
If you’re registered with the IRS as a business (entity) with an EIN, but file your taxes as an individual, you may be defined as a disregarded entity. Learn more about disregarded entities.
- Refer to the letter provided by the IRS after you registered your EIN. If it says “sole member” you may be a disregarded entity.
- Talk to a local tax professional to confirm this tax situation applies to you.
I'm a US sole proprietor.
If you are using a Social Security Number (SSN) or using an EIN as a sole proprietorship, you may need to enter your individual legal name. When using an SSN, this is the name listed on your Social Security Card.
I submitted my Tax ID, but I got a notification that I need to provide my Tax ID.
Please try submitting your tax information again. You can do this on the Tax ID tab of your Shop Settings.