Please note that we cannot and do not give tax advice to organizers.
However, if you are collecting funds in USD, our reporting requirements towards the United States Internal Revenue Service are the following: We have to issue a 1099-K report to the IRS and the user at the end of the year ONLY if a user (a) collects more than 200 payments a year on WeTravel, AND (b) collects over USD 20,000 in a year on WeTravel. If a user does not meet BOTH criteria, we are not issuing a 1099-K to the IRS.
More about the 1099-K form can be found here: https://www.irs.gov/businesses/understanding-your-1099-k
WeTravel needs to file 1099K forms on a state level as well. The criteria vary from state to state. Our partner, Stripe, supports filing in all states that require 1099-K filing and don’t have withholding-based filing requirements.
IMPORTANT: As a result of the delay announced on the 23rd of December 2022, third-party settlement organizations will not be required to report tax year 2022 transactions on a Form 1099-K to the IRS or the payee for the lower, $600 threshold amount enacted as part of the American Rescue Plan of 2021.