Relax, we totally get tax
Our full tax stack automates and integrates tax payments on a single platform. It handles everything from reporting to filing, ensuring you and your payees stay compliant.
Tick off your to-do list
Payoneer’s full tax stack does the work of multiple vendors. Our unrivalled integration at scale gives you access to more than 2,000 marketplaces across 70 currencies and 190+ countries. Last year alone we managed over 160,000 tax forms – we know the difference between 1099 and 1042 tax forms and you can get it all done through one vendor.
Managing your 1099 tax forms
If you’re US based, we can manage your 1099 forms through to filing with the Internal Revenue Service (IRS). This form is completed and submitted by a US-based business or individual only when it has made payments of US$600 or more to a US resident who is not an employee. This only covers income from non-salary sources including interest, dividends, property income, and sales proceeds like royalties.
Here are some of the ways our automated, integrated, and powerful solution streamlines all your 1099 tax form submissions by effortlessly guiding payees through every step.
End-to-end service
Payoneer ensures accurate data that’s efficiently collected for every 1099 form and payee. And we don’t just handle 1099 forms – our service also extends to W9, W-8BEN-E, W-8ECI, 1042. 1042-S, 1099 MISC, 1099 MEC, and 1099k.
The work of many
Payoneer does the work of
multiple vendors by automating collection, like triggering events when forms need submitting
and tracking progress.
We also archive forms for IRS auditing.
Un-complicating tax
Guided and automated self-service simplifies each step in the
process such as form collection, calculations, reporting, and IRS filing. We help payees understand and complete forms – plus our app makes tax form submissions even easier.
Global compliance
In 190+ countries and 70 currencies – wherever your payees are based – all disbursements are made through our fully compliant, secure, and audited platform that’s recognized and valued by financial regulators around the world.
Frequently asked questions
We are excited to announce we have partnered with Payoneer, to offer you a fast, low-cost and easy way to receive your payments.
A 1099-MISC or 1099-NEC form is used to record specific payment types totaling more than $600 made to a US resident in any given tax year. Salaries, wages, and tips are not subject to a 1099 form. Instead, a 1099 form covers income from areas such as interest, dividends, rental property income, sales proceeds, and payment to independent contractors. If you pay a US resident more than $600 in a financial year, and they are not part of your payroll, then it is likely you will need to complete a 1099 form to record this information for the IRS.
A 1099-K form is similar to a 1099 form. It is to record specific payment types totaling more than $600 made to a US resident in any given tax year. The key difference between 1099-K, 1099 and 1099MISC is that 1099K is designed to cover payment card transactions or a third-party network transaction:
“Payment card transaction” means any transaction in which a payment card—or any account number or other identifying data associated with a payment card—is accepted as payment.
“Third-party network transaction” means any transaction settled through a third-party payment network—but only after the total exceeds the above thresholds.
Our tax services solution is one of the most comprehensive on the market. By including 1042 forms, we have provided a significant advantage to US-based businesses that are regularly paying digital royalties to non-US-based creators. Our solution removes the burden, time, and cost of manual form filling. It also provides accurate withholding calculations for every payee. And it enables you to help your payees to be compliant with IRS regulations throughout the financial year.
Your payees will receive emails prompting them to complete the relevant form for their needs. Each of those emails is automated and can be branded with your company logo and colors.
Yes. You can see which payees have completed, started, or not yet started their submission process.
Yes. All completed W-, 1042 and 1099 forms are stored securely, so you will always be able to respond quickly in the event of an IRS audit.
We can explain how to technically fill out a W- form using our tax services solution, but we cannot advise on the specifics of what information to enter (this would fall under ‘tax advice’). Instead, you should seek advice from a certified tax professional or the IRS.
A tax wizard questionnaire offers guidance for payees to choose and complete relevant forms. However, we do not and cannot offer specific advice about what information to include in any form. Please seek professional advice where necessary.
When you sign up with Payoneer’s tax services solution, you provide the contact details of your payees. From there:
1. Your payee receives an email asking them to complete the relevant W- form.
2. Their submitted information is collected by Payoneer, stored securely, and then passed on to a third party that makes a precise withholding calculation for each payee.
3. All withholding payments per payee are then aggregated and automatically fed into a 1042 or 1099 form, which you can review before submitting it to the IRS.