The information in this article is relevant to Phorest customers in the US who are processing payments using PhorestPay through Stripe.
PhorestPay and 1099-K forms
If you are a Phorest customer located in the US, the IRS form 1099-K is used as part of your annual tax filings with the Internal Revenue Service (IRS) and local tax authorities.
The 1099-K form does not apply to Phorest customers located outside the US.
If you process payments through PhorestPay, you will receive your 1099-K form in January from Stripe, Phorest’s payments partner.
If you processed some or all of your 2024 payments through another payments provider, you should also receive a 1099-K from them. You may need to contact the provider directly to ensure you receive your 1099-K for these transactions.
What is a 1099-K form?
A 1099-K form is an information document detailing the gross value of payments processed for you by Stripe between January 1st and December 31st of each year. You can then use this information as part of your annual tax filing with the Internal Revenue Service and local tax authorities.
The gross value of payments includes:
- Payments for all services/treatments
- Online booking deposits
- Sales of products/services through online channels
- Sales of products/services in-person
- Refunds
- Payment processing fees
- Sales of gift cards
What do I need to do?
To ensure your 1099-K is accurate, please log into your Stripe account to check that your full taxpayer name and address are correct in your Stripe account.
Watch the video below to see how you can confirm this information in your Stripe account.
You can choose to receive your 1099-K electronically via your Stripe account or on paper in the mail. You should receive an email from Stripe requesting that you confirm your preference to receive your 1099-K form electronically. If you cannot find this email, please search for an email titled “Verify your tax information.”
What happens if I have multiple branches of my salon/clinic?
You will receive a 1099-K for each Stripe account. Generally, each salon/clinic has its own Stripe account.
I'm a Self-Employed Staff Member/Booth Renter - Do I Receive a 1099-K?
If you are self-employed, you may also be eligible to receive a 1099-K for 2024. Please ensure your full taxpayer name, address, and tax ID are correct on your Stripe account.
To access your Stripe account, log onto your Phorest Go 2.0 mobile app, then go to PhorestPay > Account Settings (which takes you to an external Stripe webpage) > Settings.
Important dates for filing your 2024 tax return
January 2025: You will receive your 1099-K from Stripe by the end of this month
Tuesday, April 15th, 2025: This is the deadline for filing your 2024 tax return. You may also have additional time to file if you are in an area that is a federally declared disaster zone; more information is available from the IRS at https://www.irs.gov/newsroom/tax-relief-in-disaster-situations.
I would like help with filing my taxes
Unfortunately, neither Phorest nor Stripe can provide specific advice on your tax filings. We recommend you contact an accountant or tax professional for more information on your state and federal tax obligations.
Additional Resources on 1099-K Forms
Please visit the links below to learn more about 1099-K forms:
https://www.irs.gov/businesses/understanding-your-form-1099-k
https://support.stripe.com/express/topics/1099-tax-forms
If you have any questions, you can contact payops@phorest.zendesk.com