Recent regulatory changes in the United States mandate that payment processors, including borderless, must disclose complete payment details to the IRS using Form 1099-K. This requirement applies to customers who have received payments amounting to $600 USD or more for the sale of goods or services.
If you have received payments for goods or services through borderless and we do not have your updated Taxpayer Identification Number (TIN) on record, you may have received a notification asking you to provide your TIN and verify your tax status. Compliance with this request is necessary to meet the IRS and US state revenue authorities’ obligations.
To ensure accurate reporting of payment information, it is important to update your account details by providing a TIN. Failure to do so may result in potential limitations on your account. A TIN can be a Social Security Number (SSN), Employer Identification Number (EIN), or Individual Taxpayer Identification Number (ITIN). Please take the necessary steps to update your account promptly and avoid any disruptions.