Profit accounts: Providing your tax information

Practitioners

In this article:

Required tax information
Stripe verification requirements
Business type & tax classification
Providing your tax identification number
Entering your financial address
Requesting changes to submitted tax information

Required tax information

You will be required to enter your tax information when completing your account. Alternatively, if your account was initially set up as a no-profit account, you can convert to a profit account at any time by providing your tax information and entering a bank account. 

With either path, we'll need the following to set up an account with our payment processor, verify your identity, and enable payments:

• Your legal name and physical address (for verification purposes)
• Your date of birth
• Last 4 digits of your social security number (SSN) or social insurance number (SIN)
• Employment identification number (EIN) or business number (BN)
• Your tax classification

Tip! You can review and update your tax information from the Payments page in your Dispensary settings.

Stripe verification requirements

Our payment processing partner, Stripe, uses your tax information to verify your identity, limit fraud attempts, and transact payments. In some cases, Stripe may request a full SSN/SIN from individuals or a valid government-issued photo ID to help verify your account. 

Often, troubles verifying an account stem from an entry error of your legal name or personal information. Ensure your information is correct before submitting to avoid additional verification steps on your account. A full SSN/SIN may also be requested at random as part of their efforts and responsibility to reduce fraudulent marketplace activity. 

If you have any questions regarding this page, please feel free to reach out to our Customer Success team for assistance.

Warning! Payouts can't be enabled or may be disabled if tax information is missing from your account or too many failed payout attempts have occurred. If a payout has failed, please visit the Payments tab to review and correct the information provided.

Business type & tax classification

When creating a profit account, we'll request your business type to help verify the person or business entered and for tax form issuance. 

Tip! Entry errors can lead to delays in verifying your account. Ensure the spelling of all legal names match exactly with what the Internal Revenue Service or Canada Revenue Agency has on file. 

Providing your tax identification number

All tax information entered is protected and securely encrypted, including entry of tax IDs. If there's trouble verifying the tax ID entered, we may request a formal document from the Internal Revenue Service (e.g., SS-4 or Letter 147c) or Canada Revenue Agency (e.g., articles of incorporation) to get your account verified.

Entering your financial address

The address entered here should match the address that is registered with the Internal Revenue Service or Canada Revenue Agency. Accounts eligible to receive a 1099-K (US only) will receive a physical copy that is mailed to the financial address you provide. Canadian accounts meeting eligibility requirements to receive a T4A can download the tax form from the Reports page once available; physical copies of T4As aren't mailed. 

Requesting changes to submitted tax information

Once our payment processing partner verifies your account, changes to your tax information in the platform are limited; specifically, changes to a tax ID, business name, or tax classification.

For instructions on how to request changes to your tax information, please see:

• US Dispensaries: Updating dispensary tax information, or
• Canadian dispensaries: Updating dispensary tax information