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 is not applicable 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 process some or all of your 2023 payments through International Bancard, you should also receive a 1099-K from them. You may need to contact International Bancard 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 with details of the gross value of payments processed for you by Stripe between January 1st and December 31st of each year. You can use this information to file your annual tax return 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 have received 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 with the title '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.
Important dates for filing your 2023 tax return
January 2024: You will receive your 1099-K from Stripe by the end of this month
April 15th, 2024: This is the deadline for filing your 2023 tax return. Taxpayers in Massachusetts and Maine have until April 17th to file taxes because of Patriots’ Day and Emancipation Day holidays in those states. 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 a 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