Creator Economy is booming like never before. With the introduction of Web 3 and social media influencers becoming the norm, creators are turning their content into a potential business. With higher compensation inevitably comes more taxes and regulations.
In 2021, the IRS created the American Rescue Plan. Fox News reported that these new measures meant that apps would notify the IRS when payments are over $600, triggering a 1099 form to be sent out. We want to make sure that our Clapper users are informed about how to file their taxes being content creators.
What Tax Forms Will I Receive as a Clapper Creator?📑
Since Creators are not employees from Clapper, they will not receive a W-2. They will receive a 1099 form if their income surpasses $600. According to the IRS regulations mentioned above, Clapper is required to collect a W-9 form for US Citizens and a W-8BEN form for Non-Citizens.
The information collected from these forms will be used to send out the 1099 form to the creator and the IRS. All you have to do is fill out the Clapper Tax Form.
How Do I Find the Clapper Tax Form?🤔
Easy! First of all, every creator fitting the requirements mentioned above will go to their “settings”, select “income” and then select the “tax settings” tab. In this tab, you will select if you are a US citizen or a non-US citizen.
US Citizen or Resident🇺🇸
If you are a US citizen or resident you will have to file the W-9 form. Simply, the purpose of collecting the W-9 form is to record your tax identification number, along with your name and address so Clapper can notify the IRS of the amount you earned in a calendar year. If you are a citizen these are the steps that you need to take to receive your 1099:
- Stept 1: Click the Fill Out W-9 form tab.
- Step 2: Upload a scanned coppy of W-9 form with signature (Optional, but recommended)
- Step 3: Fill out all the required information
- Your name
- Permanent address
- Your Taxer Identification Numer (TIN)
- Digital Signature
- Email for contact purposes
Non-US Citizen🌍
If you are a non-US citizen you will have to file the W-8BEN form. The purpose of collecting the W-8BEN (Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting) is for foreign individuals (non-us) or business entities to verify their country of residence and maybe withhold for tax purposes. If you are a non-citizen these are the steps that you need to take to receive your 1099:
- Step 1: Click the Fill Out W-8BEN form tab.
- Step 2: Upload a scanned coppy of your foreign tax ID. (Although, its optional, we recommend it)
- Step 3: Fill out all the required information
- Address
- Foreign TIN (Required unless you provide date of birth)
- Provide Signature
- Email for contact
Clapper sent out all 1099 forms to qualifying creators through their mail. Please check your mailboxes and if you have not received your form, reach out to @ClapperCreator for assistance or for taxes related questions.