 Re: does address matter with verification
Quote:
Originally Posted by cjw7  so when MP asks for address it doesn't matter if it matches the name given according to database records? Does ebay send the 1099k to that address or are they going to be sending through email? | Yes it does... Weather they act on it or not immediately is another question. In years past they'd let it slide until you were trending toward the reporting threshold but in 2022 with the threshold going down to $600 this is more then likely going to become a problem.
Needs attention status: Any reason (usually, director name address mismatch), Address, Business name, TIN - Any reason, TIN - Missing, TIN - Mismatch
These are the basic field that Adyen will try to match via database pull. If any of those can't be verified, they will either immediately or when you get near the threshold ask for documents. These are also the basic fields that need to be submitted to the IRS when submitting the 1099-K if they don't match with the TIN info the IRS has it comes back as rejected and they have no choice but to verify all of your info. Personal and business. Since the fine in 2022 is basically the same as the reporting threshold for marketplaces and platforms who don't submit a correct 1099-K ($570) They'll more then likely be acting on those needs attention status notes far more quickly then they did in the past.
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