Sellers using Reverb Payments can update their taxpayer information on the Tax ID tab of their Shop Settings.
If you update your bank account information, the name on your bank account needs to match the name or business entity you have provided.
As of January 1, 2023, marketplaces like Reverb are required to report a US sellers’ sales if they hit $600 or more on the platform in a calendar year. This new reporting requirement means that if you hit the $600 sales thresholds, you’ll need to provide taxpayer information so that we can issue you a Form 1099-K. Learn more about US tax reporting requirements for 2023, including how Reverb is advocating for change.
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 2022 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 2022 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 14, 2023. As of March 15, 2023, we will no longer be able to accept changes to 2022 tax information.
Here’s when you can expect your Form 1099-K to be updated:
If you update your 2022 taxpayer information:
Expect your downloadable 1099-K form to be updated by:
January 1—February 13, 2023
February 28, 2023 *
February 14—March 14, 2023
March 27, 2023
* 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 firstname.lastname@example.org for more information.
I’m an individual seller, do I need to provide taxpayer information?
Based on new US tax reporting requirements as of January 1, 2023, all US sellers that hit $600 in sales on Reverb are required to provide tax identification information so that we can issue you a Form 1099-K. This is required whether you are an individual or a business. If you reach the $600 threshold and don’t provide the necessary tax information, your payouts will temporarily be put on hold until you enter your tax information.
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.