Kindly note that we are unable and do not provide any tax advice to organizers.
If you are collecting funds through WeTravel, we must comply with reporting requirements to the United States Internal Revenue Service. As per these requirements, WeTravel will issue a 1099-K form if and ONLY if a user (a) collects more than 200 transactions a year on WeTravel, AND (b) collects over USD 20,000 worth in a year on WeTravel. If the user does not meet this criteria, we will not issue a 1099-K report to the IRS.
WeTravel is required to report to the IRS the total amount of gross payments (card transactions only) that you have received through the platform, before any refunds, disputes, or adjustments. Please note that transactions made in currencies other than USD (such as EUR, GBP, AUD, CAD, ZAR) will be converted to USD using the applicable foreign exchange rates recognized by the IRS.
More about the 1099-K form and process can be found here: https://www.irs.gov/businesses/understanding-your-1099-k
Please note that this policy only applies to individuals and businesses registered within the United States.
FAQ - frequently asked questions
What is a 1099-K form?
The 1099-K form is a statement that summarizes the total payment activity of your account. It will be provided to you and the IRS, as well as some US states, if, in 2023, you collected more than $20,000 and had more than 200 transactions via WeTravel. It's important to note that if you have connected your own Stripe account to collect payments, you will receive a 1099-K form directly from Stripe.
When and where can I expect my 1099-K tax form?
If you meet the reporting thresholds mentioned above, you will receive a 1099-K form in January 2024. This will either be mailed to your registered address or sent electronically to your preferred email address.