Freelancers who are U.S. Persons as defined by the Internal Revenue Service (IRS) will need to report income earned through Storyhunter on their tax returns.
Freelancers who are not U.S. Persons as defined by the IRS are responsible for complying with the rules and regulations in their own jurisdictions. We encourage freelancers to consult with tax advisors, as Storyhunter is unable to provide tax advice.
Form 1099-MISC and Form 1099-NEC
For the 2021 year tax, non-employee compensation should be reported on a Form 1099-NEC rather than 1099-MISC. Freelancers will not be receiving a Form 1099-NEC or 1099-MISC from Storyhunter. Clients on the platform are not required to send freelancers 1099-NEC or 1099-MISC either.
Freelancers who are U.S. Persons and receive over $20,000 with more than 200 transactions through Storyhunter will receive the Form 1099-K. Under the Internal Revenue Code Section 6050W, Storyhunter will file a Form 1099-K with the IRS and the freelancer will receive a copy of the Form 1099-K via email.