What is IRS 6050W?
IRS 6050W describes reporting requirements from the IRS. Under 6050W, Nuvei, as well as other payment service providers, are required to report the total gross sales volume of our merchants’ payment card transactions to the IRS.
Our goal is to help our customers understand the requirements and how it may impact you. As part of the IRS mandate, Nuvei, must verify that our files reflect the correct Tax Filing Name and Taxpayer Identification Number (either your Employer Identification Number EIN or Social Security Number SSN) for your business. Both pieces of information must match what the IRS has on file for your business.
Will all merchants receive 1099-K forms?
No. If you did not process card transactions last year you will not receive a 1099-K. In addition, some specific merchant account types (e.g. not for profit) may not receive a 1099-K, nor merchants that had less than 200 card transactions and $20,000 in gross sales.
1099-K Forms are made available by January 31. At that time, you can download your 1099-K form from our online service center. If you do not see a 1099-K, then the IRS did not require Intuit to create one.
What happens if my account information doesn’t match what the IRS has on file?
If your account information does not match what the IRS has on file for your business, Nuvei may be required by the IRS to assist with settlements. It is our understanding that withheld amounts can only be refunded by the IRS after you file your Federal tax returns.
How do I find out what the IRS has on file as my Business Legal Name and TIN?
Refer to your last tax return for your business, or contact your tax professional.
Is there an IRS website that can validate that this reporting is necessary?
Yes. There is an IRS website for merchants to validate that this reporting is required by the IRS. The IRS website is: https://www.irs.gov/
Will Nuvei validate my TIN and Business Legal Name with the IRS?
Yes. When you completed a Merchant application Nuvei will compare the information that was provided on the application to the IRS records.
If my TIN and/or Business Legal Name does not match the IRS records, will I be notified?
Yes. Nuvei will attempt to notify Merchants that we feel may have incorrect information and we will request help in obtaining the correct data.
Will Nuvei help me with my tax return?
While we’re committed to helping our customers understand the 2011 tax changes relating to payment cards, Nuvei is not qualified to give you specific tax guidance. Please contact a tax professional.