Hemlane makes it easy for you to create and update your tax information. Our teams will then create a 1099K tax form for you and your company or companies, as long as your account meets the requirements from the IRS.
Hemlane will file a 1099K to the IRS if the following criteria are both met within the tax year:
- You received over $20,000 of payment transactions (incl. rent) through Hemlane AND
- Hemlane has processed 200 or more transactions for you
The 1099K tax form reports your gross transaction volume and the reflected amount may be higher than your received payouts or profits. You can download your transactions in Hemlane on the financials tab to learn more.
It is very important to note that this only applies to payments processed online, through Hemlane. If you were paid offline (outside of Hemlane) and record a transaction in Hemlane, then we do not report it.
Details about creating multiple 1099K tax forms for multiple companies and their bank accounts:
Hemlane's software allows you to distinguish your different companies and their bank accounts within your Hemlane account directly. Our teams will create the proper individual or company tax form based off the information you provided within your account.
To create a separate 1099K tax form for each bank account(s) and their associated company, our teams will need the following information:
- Your name or the name of the individual
- The individual's email and physical addresses
- The individual's EIN or company's TIN
- The bank account(s) associated associated with the bank account(s) or company
How to update your Hemlane account's tax information and request multiple 1099K tax forms for multiple companies and their bank accounts:
Step 1: Hover over your name in the upper right-hand corner and select the Banks & Cards tab from the drop-down menu
Step 2: Select the "To manage your taxpayer identities, click here" option
Step 3: Click the blue [Add Taxpayer] button
Step 4: Update your account's taxpayer information with as many taxpayer identities as needed
*TIP: Be sure to double check your TIN/EIN Type, TIN/EIN Number, and associated bank accounts for accuracy
Step 5: Save your details
For more information on this topic, please visit these articles:
- Should I expect a 1099 form for tax season?
- Does Hemlane file my 1099 tax forms?
- How can I import my transactions to Quickbooks?
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