Here are some frequently asked questions about tax information:
I'm a US-based artist. Will this affect the taxes I pay on my Loudr income?
If you're a US-based artist, the answer is usually "no". We need W-9 forms from all of our artists as part of Loudr's own bookkeeping and tax reporting obligations. These forms allow us to verify to the IRS that we're not just pocketing our artists' money. We'll also send you a 1099 form at tax time for your Loudr income withdrawn in each calendar year.
I'm an International artist. Will this affect the taxes I pay on my Loudr income?
If you're an International artist, the answer is "maybe". You'll have the opportunity to provide a US or foreign Tax ID Number (TIN) and a statement indicating that you should not be charged withholding tax on your Loudr income.
If you do not provide a TIN, we'll be legally bound to withhold a portion (usually 30%) of your Loudr earnings to pay for taxes on your share of the income. International artists whose countries do not use TINs can apply for individual TINs by filling out the following form and sending it to the IRS: http://www.irs.gov/pub/irs-pdf/fw7.pdf .
Will I need to re-submit my tax information if I've previously submitted a W-8 or W-9 to Loudr?
Yes - all information needs to be submitted to and stored in our new system. This ensures that your data will be stored as secured text, which is easier for you to go back and edit and faster for our systems to process than a PDF image.
How do I submit my tax information?
To submit (or re-submit) your tax information, head over to the "Withdraw" tab within your Loudr Alpha dashboard. Where you used to see the old W-8 or W-9 information, you'll now see a button that will take you to our secure tax form information server.
How does this keep my identity safe?
You've put a lot of hard work into building your brand as an artist, and we respect that. Our tax information policy helps us to ensure that you are the only one releasing music or using Loudr under your identity.