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A merchant requests an update to their 2021 and 2022 1099k forms. Which tax year should you select after logging in to OTIR?
2021 - this will update both the 2021 and 2022 years.
You update a recipient in OTIR but get an Uncleared Error saying "Invalid TIN". What might cause this?
The number is an ITIN
Why can't we provide the merchant with the zeroed form after a taxable location change?
The zeroed form will also update with the new details/state.
Which two numbers are we most likely two use when searching in OTIR?
The Internal ID from SP tools, or the merchant's TIN.
Where would you find the date that a 1099k form was re-filed by OTIR after being corrected?
Go to the 1099k form in OTIR and scroll down to the 'Filing History' dropdown.
Why is it important to select the correct TIN type when updating a merchant's details?
To make sure a Sole Proprietor's SSN is partially concealed for security reasons.
We require Affidavits for certain updates. If a merchant reaches out now (pre-filing) and needs us to split their future 2023 form, do we still require an Affidavit?
Yes! 1099-K splits ALWAYS require an affidavit.
$285 per form
Breakdown the steps to find past recipient details after logging into OTIR and selecting the tax year.
(Hint: There are 4)
1. Click 'Review and Maintenance'
2. Search for the Customer ID/Internal ID
3. Click on the recipient
4. Scroll to 'Recipient History'
How do you work around it?
This is due to the way historical data was imported to OTIR, causing duplicate recipients with the same details.
You can add "-0" to the end of the Account Number and Customer ID.
(An example scenario where this might happen is a merchant updated their business name in 2021, but uses the same TIN. The "Name" field isn't a duplicate field, but the TIN is, so changing only the name will cause OTIR to error)
Why can't taxable location updates be processed the same as a regular update in OTIR?
The 'taxable location' is fixed once a form is created. In order to update the taxable state on a 1099k, we need to physically create a new form then transfer the figures.
What are 2 of the things you should consider before adding a line to the Split tracker?
1. Does the merchant actually qualify for a form?
2. Do their docs verify/are they filled out correctly?
3. Did they process any transactions prior to the date on the affidavit?
4. Have you saved the previous details?
You are trying to update a recipient but see an "Electronic Consent" request. What date do you enter, and where do you enter it?
Shopify Payments Onboarding date. Entered into the 'Miscellaneous' drop down section on the 'Recipient Detail page'.
Which two scenarios allow for the personal name in the OTIR recipient details?
1. Sole Proprietor
2. Single-member LLC if the personal name TINChecks
A merchant reaches out pre-filing for 2023, and asks us to update their Shopify Payments account. They mention that there was a change of ownership at the end of the year.
Which forms do we require, and what are your next steps?
(Hint: There's no urgency)
1. Shopify Payments Update Form, W-9 and Affidavit
2. Add to the 2024TY ONLY Updates tracker under the 'Post-Filing Updates' tab
3. Add to 2023 Split tracker
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Leonardo DiCaprio
Give three required steps when transferring figures to a new form during a taxable location change.
1. Generate the new form
2. Go to the original form and click 'Transfer'
3. Make note of the MCC or take it from the Internal
4. Add the PSE Name and Number to the new form.
5. Update the recipient details on the new form
A merchant submits a W-9 and indicates they are an LLC with an EIN.
They have included their personal name on Line 1, and a DBA on Line 2 and you have already verified the details.
Which name do you use in OTIR?
Their personal name since we can only verify Line 1 for business types other than sole prop/single member LLC.
A merchant asks for a 1099k correction on their 2022 form, which you complete. They then amend this and submit a new affidavit that states they need their 2021 form corrected too. What's the fastest way to do this?
Go into the 2021 Recipient Details and temporarily update the TIN by a digit, then save it. Revert the TIN and save again. This will update the new details on the 2021 form too.
Give 2 reasons why you might receive an 'Uncleared Error'.
1. Tin is an ITIN
2. Type in the zip code
3. Incorrect figures on the 1099k