If you received the Form 1099-K with incorrect information
When a Form 1099-K is received with incorrect information, this means that the initial merchant application that was submitted had incorrect information that was provided by the applicant. This could be an incorrect name or EIN/SSN. To correct this, you'll need to provide the following:
Chat in with with DoorLoop's support team using the blue chat bubble and we will create a Merchant Ticket to have this information changed on your dashboard. This will keep your account updated for the next tax year.
Please note that this process will take some time. DoorLoop updates your business name and EIN/SSN within one business day. This will ensure that your merchant account information is correct for the next year.
Please have a copy of your SS-4 or 147C document from the IRS showing the correct information (or if it's a sole prop/individual, a full legal name and SSN Card).
If the connected bank account's information does not match this new information, the bank account will need to be corrected as well. Stripe will not allow payouts to a bank account with a mismatched name. This can be done in one of two ways:
Providing a new bank account that matches the information on Stripe. You can change the account and routing number yourself or you can submit a voided check and have us change it for you.
If you don't want to change your account, then you would need to change the information on the bank account itself to match the information provided on Stripe. This has to be done at your banking institution.
Next, we suggest reaching out to your tax professional for guidance on what forms to submit to the IRS to have this information changed. You can also read this article here for more information and additional resources: Actions to take if a Form 1099-K is received in error or with incorrect information.
If you did not receive a Form 1099-K, please refer to this guide here.
Disclaimer
The information provided is not offered by a licensed accountant and is intended for general informational purposes only. It is crucial to verify local accounting laws and regulations independently, as they vary. This information should not be considered a substitute for professional advice. For accurate guidance, consult a licensed accountant familiar with your jurisdiction's specific requirements. The author and publisher are not liable for any damages or losses resulting from reliance on this information.