What are Payment Tax Records?
These are tax records related to Tax reporting when payment is processed.
All processed payments now have Payment Tax Records associated with them. Payment tax records can be edited at any time.
How to use Payment Tax Records
You can find a Payment Tax Record on the Payment Flyout, at the very bottom. Click the pencil icon and a modal window will pop up where you can edit the details of the payment.
Dashboard > Recipient > Select the Processed Payment > Scroll down for Payment Tax Record.
Dashboard > Payments > Processed Payment > Search select > Scroll down for Payment Tax Record.
This functionality is also available via API using the Offline Payments endpoint.
What impact does this have?
Changing a Payment Tax record changes the tax impact that payment has at the EOY. For example, let's say there was $24.00 of withholding accidentally applied to a payment of $100. You can edit the Payment Tax record to say $0.00 of withholding so that withholding wouldn't appear on the 1099-NEC statement at the end of the year.
Fields that can be changed
Tax Withholding Amount
Tax Withholding Purpose
Taxable / Tax Exempt