Shopify Payments, 1099k, W9 W8 · Global Business Growth Club

Shopify Payments, 1099k, W9 W8

I managed to activate Shopify Payments with the simple EIN, as a foreign owner single member LLC.

However, after a year they told me that they have to create the 1099K file and asked me to fill out the W9 form.

What do you recommend?

1) Try to push to provide the W8BEN form (I do not want to declare with the W9 that I am a US person), and ask them not to send 1099K to the IRS?

However, in this case they will probably close the Shopify Payments account that has good fees compare to other processors.

2) Do not worry about the 1099K, simply fill out the 5472 as usual, and fill out the w9, w8?

However, is there any need for some precautions for the 5472 form in this case? Should a note be added that specifies not to consider the 1099k?

In essence, is it better to avoid if possible that payment processors send 1099k to the IRS?

Thanks

3 comments

skool.com/jamesbakercpa

The Global Business Growth Club was created to be a space for entrepreneurs from all over the world, to collaborate and grow their businesses.

Leaderboard (30-day)

+15

+10