Similar to a 1099, a 1099-B form will provide your total sales during the calendar year. However, instead of total sales being to a specific customer, it is the total amount of gross receipts to all BizX members during the year. The IRS mandates that all members that have sales in an exchange as ours, is required to receive a 1099-B at the end of each year.
BizX will send a 1099-B to every member with sales in the reportable tax year, usually at the end of January to early February. Be sure to look this 1099-B over carefully, and if there are corrections to be made, let us know right away. We can only correct your TIN, legal name, ownership type, and address. We cannot change or alter reported sales.
Upon receipt, please verify the information on the form (tax ID, legal name, ownership type, address). If there are any discrepancies in your address, business' legal name, or business ownership type, you can correct them from the IRS Reporting page on the BizX Marketplace, here: https://my.bizx.com/MyProfile/IRSReporting. If you need to update your Tax ID, or if you have any questions, please contact us at firstname.lastname@example.org or by phone at (425) 998 - 5055.
Once the information has been verified, please provide the 1099-B to your accountant for completion of your tax return.
If there are no corrections to be made to your 1099-B, you don't need to do anything. BizX will send this information to the IRS electronically in March.