Important Information About 1099-K Forms for 2024
To comply with IRS requirements, all Fanatics Collect clients with $5,000 or more in sales during 2024 must provide updated tax information. Please review the following details to ensure your account remains active and in good standing:
What You Need to Know
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Who Needs to Complete This?
- Any seller with $5,000 or more in sales during 2024 is required by the IRS to submit tax documentation, even if you’ve submitted this information in previous years.
- International clients must complete a W-8BEN form.
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Why Is This Necessary?
The IRS requires tax documentation to generate accurate 1099-K forms for reporting income. This ensures compliance with federal tax regulations. -
When Does This Need to Be Completed?
- All forms must be submitted by January 28th, 2025.
- This deadline is critical to meet the external reporting obligations with the tax team and the IRS.
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What Happens If I Don’t Complete It?
While we strongly encourage you to provide the required information promptly, accounts that do not have updated tax documentation after the deadline may face restrictions, including limited access to certain features.
How to Submit Your Information
- You will receive instructions via email from fanatics@vendorinfo.com to help guide you through the process.
- Users will need to register an account using their Fanatics Collect account email when following the link to fill out the form.
- International sellers should download and complete the W-8BEN form and email the finalized document to our Collector Experience team at CS@fanaticscollect.com, who will forward it to our Tax team.
If you have any questions or need assistance, please reach out to our Collector Experience team at CS@fanaticscollect.com. We appreciate your prompt attention to this matter and your cooperation in ensuring compliance with IRS requirements.