What should I do if my 1099-K form has incorrect information?

It is crucial to regularly check and update, where necessary, your business information in the Paysafe Business Experience (PBE) portal, as we use it for completing your 1099-K form. If you notice any discrepancies between the form and your actual business details, check the data entered in your portal:

Incorrect Doing Business As name (DBA) or Taxpayer Identification Number (TIN)

If your DBA is wrong in the portal, follow the steps below:

1. Log into the PBE portal and navigate to the Merchant > Merchant Information tab from the Account dashboard.
2. Under About My Business, go to Business Information > Doing Business As Name (DBA) and click the pencil icon to edit your business name.
3. A pop-up window will appear for you to enter your new business name. We will first attempt to verify it automatically. If this fails or is unavailable, you’ll be asked to attach a supporting document to validate the change.

If your TIN is wrong in the portal, follow these steps:

1. Log into the PBE portal.
2. Once logged in, click the widget icon in the top right corner of the screen to access the Communications Hub > Support Hub.
3. Click Create New Ticket > Request a Change.
4. Upload a supporting document, such as a W-9 or SS-4, to verify the updated TIN.

Keep in mind that if your TIN is invalid:

• the IRS may impose penalties for filing 1099-K with missing or incorrect TIN
• your business might not receive an accurate year-end 1099-K tax form; in turn, tax filings or payments may be delayed due to rejected tax forms, which can affect your compliance status and lead to further complications.

New legal business name or structure

If you have changed your business name or structure, contact us to request a name change form. Once you fill it out and send it back, we will update the information in your portal.

Incorrect sales amounts

If the data related to your sales amounts is incorrect, contact us with proof of the correct data. We will compare the information with what we have on file and will let you know if further action is needed from your side.

If all of your business details are correctly entered in your merchant portal, contact us to request a 1099-K correction.

Make sure to submit the respective request as soon as possible so you can meet the IRS deadlines. Once the issue is fixed, we will submit an updated copy to both you and the IRS.