Got it. Thank you

How do I find the spot to enter my FEIN? I remember seeing it when first setting up but can’t find it now in order to go back and add it.

Hi, @Cassandra3 you can add any new taxpayer information under Account & Settings > Business >Tax Forms. Make sure to hit edit and save when you are done. 🙂

Thank you! For some reason I couldn’t find it using the app I had to do it online to find it ..

Anytime! I'm happy to help. 🙂

Hello, I just recently received a letter from the IRS stating that I owe taxes on the money that we received through the square. I don't understand how this is possible because when we created this Square account we signed up as a Church which is a religious institution. From our square account, all funds are deposited into the church business bank account, not to our personal bank accounts personally.

With this happening I went back to look at our Square Taxes form I noticed all the forms shows my ss, not the Church EIN. This is a problem, how can this be fixed? 

These forums are public, so to protect your privacy, we’ve moved your post to a private board.
 
It sounds like we were unable to validate the taxpayer information at the time of filing your 1099-K. In this case, you would need to get in touch with our team so they can assist with escalating this case over to our Tax Team. Keep in mind that the Tax Team is not a customer-facing team and handles their requests internally. 

What you would need to request is a Correction to a Prior 1099-K and that would get you going on the right direction.  I hope this information is helpful!

P.S. Welcome to the Seller Community ✨

I had the same problem like Fathershouse had posted. I communicated with Square team for almost a month in order to (almost) resolve them.

My 1099-K was issued under my SSN, not my EIN. IRS sent me the letter and stated that I owed them 20K in taxes. 

First thing that I did was to ensure that IRS would receive the correct 1099-K with correct EIN, not SSN. 

These were what I did:

1. I contacted Square's Representative and asked the agent to open the ticket. I wrote the ticket number with me.

2. Square asked me a lot of documents. The most important one is the SS-4 form, issued by the IRS. This is to confirm the EIN.

3. I showed the bank statements. I selected the months and years that the monthly statement displayed the deposits from Square. This is to prove that the money transferred from Square went into the Business entity account, not personal account.  

You need to demonstrate that the money sent by SQUARE was going into business account.

4. SQUARE asked me to fill in the W-9 form, request for taxpayer information. You need to fill in this form with the business entity and EIN.

5. SQURE asked me to provide the letter from the bank, certified that the entity name is the taxpayer information. I went to the bank and had that letter scanned and sent to SQURE.

SQUARE had one team working on. They called the "Tax Department". Apparently, this department was the one who had the final decision.

It took me more than 10 replies to send and to verify the documents back and forth between the agents, the tax department and myself.

It took me almost a month to resolve the issue.  I got the 1099-K corrected with the EIN. However, the name listed on the 1099-K was still my name, not my business entity.  When I asked SQUARE, they told me that I needed to verify with the IRS, which was totally strange.

The taxpayer information section on the Dashboard is still using my name and last name. However,  on the EIN/SSN section had been updated with my EIN. I think, Square stated that the updated 1099-K form would be sent to the IRS 3-4 times per year.

I with Square could allow me to update the dashboard with my entity name.  I think, this might come from the SS-4 form.  The IRS' SS-4 form will list the first line with my name and second line with my business name. The third and fourth lines are the mailing address and zip code.

When I file tax next year with the 1065 form, I still use my business name as the entity. I think, they could find the match with the IRS records later.

I am still not out of the woods yet. However, the last time I checked the 1099-K in 2019 and 2020, I saw the updates using the EIN, not anymore SSN.

We really wish that the Taxpayer Information Section in Square could be updated with the Business name, not the individual name. So, the 1099-K form will be concise of what it really represents.

Hopefully, these information would be helpful. Thanks.

Hi Kassi,

I am receiving large 1099s from the IRS to my personal SSN.  How can I change this to my business EIN please?

Thank you,

This is teh email I received from Square...Working on this:

Once your prior year Form 1099-K correction request is approved, generally allow 30-60 days to receive the corrected form. Any prior year corrections submitted near or during tax season (January through April) will take additional time to process.

First, please update your taxpayer information at squareup.com/dashboard/business/taxes to ensure that your Square business name matches what the IRS has on file. We’ll also need a copy of an official bank statement on your bank’s letterhead which shows transfers from Square to your business 

Please respond to this email with a PDF copy of your official bank statement attached. The statement can show any month from the year you’re requesting an updated Form 1099-K, and should include your full bank statement. If you are requesting to update multiple 1099-Ks, make sure to include a bank statement for each correlating year. Additionally, if you used multiple bank accounts in the year that needs correction, please provide a statement for each bank account to which you received transfers from Square.

Your bank statement(s) should clearly show:

1. Official bank letterhead with your bank’s logo.
2. The bank holder’s name and address. Note: The bank account holder’s name and address need to match the name/information in your Square Dashboard under Taxpayer Information for the updated Form 1099-K.
3. The bank account number or the last 3 digits of the account if you’re using a credit union.
4. Transfers from Square in the same year as your requested 1099-K correction.

The IRS requires Square to verify that funds were transferred into a bank account registered to your business.

Hello there, @Ridgelro - 

I moved your post over to a thread with some helpful information. 

To start your Square account, you have to use an SSN. Once the account is established, then you and add the EIN. This would have to match exactly with what the IRS exactly. 

Look through the Best Answer by me and AshleyK

Thank you!

Hi @Cosmogirlnc,

Welcome to The Seller Community! That is a good question.

You do not have to have an EIN to activate the Square account. For security purposes, both banking industry regulations and federal law require Square to ask for the Social Security number. Once activated you can update the tax information to the EIN.

The purpose of using an EIN is for tax reporting purposes. Associating your Square account with your EIN is helpful when it comes to organizing and completing your taxes, as we will report your 1099-K ( if you qualify) to your EIN.

Find out more about Square sign up here. Please let me know if I can assist in any other way!

Hey @SMessenger,

Welcome to the Community! 

I would recommend reaching out to our Support team. They are able to walk you through the steps to get your tax information updated in real-time.

When you have a moment, please reach out directly by logging into your Square account and heading here: squ.re/contactsqsupport. 

Thanks for posting, @ 

Can you clarify what is wrong on your profile? Based on the thread topic, I'm assuming either your SSN or EIN? If so, you can update the information in your account by following the instructions in this guide. 

Please let me know if this is not what you are referring to. Thanks!