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Found this Today!! Amazon
 

Do they have access to verify the # If so we are all shot!! they are going to ask every seller..:tears::tears:

New Internal Revenue Service Reporting Requirements
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From:
Amazon Services <seller-info@amazon.com>
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Add to Contacts
To:
Hello from Amazon,

We're writing to let you know about new Internal Revenue Service (IRS) regulations that may impact your seller account.

Beginning with the 2011 tax year, new IRS regulations require that U.S. payment processors, including Amazon, file Form 1099-K for sellers that exceed $20,000 in gross sales and 200 transactions in a calendar year. The regulations also require that sellers have taxpayer identification information on file, regardless of sales volume, in order for backup withholding not to apply on gross sales.

As a result of the new regulations, Amazon.com sellers will be required to provide taxpayer identification information to Amazon. If the required information is not provided to Amazon in 2011, your Amazon selling privileges will be suspended until you provide the information.

We are committed to making this process simple. In the coming months we will provide instructions on how to enter the required information directly into your seller account. To help protect the security of your taxpayer identification information, we will not ask you to disclose it by e-mail or over the phone.

See answers to frequently asked questions and check back occasionally for updates:
http://www.amazon.com/gp/help/customer/display.html?nodeId=200663310
Learn more about the regulations and Form 1099-K at the IRS website: Final Regulations on Payment Card Reporting

Important Notice: Information in this document does not constitute tax, legal, or other professional advice and must not be used as such. To find out how this new legislation will affect your business, or if you have other questions, please contact your tax, legal, or other professional advisor.


Best regards,

Amazon Services

You are so late lol

BTW this thread will most likely be closed, but I don't see this as a problem, pay taxes when taxes are due, we use these auction sites to make money, so i don't see why people have a problem with paying taxes, and paying fees. Just saying


*Not talking to you beaches, just speaking in general*

I knew it was coming but i just found this in the soapbox..so what now..

Many are waiting to see how this will be implemented - only time will tell...

Yeah I wanted to know a work around for stealth when it comes about..

alot of people have stealth accounts they can't use there real identity since they were banned at some point with their legit info..

an EIN Number,,,Thats your awnser

They can still trace it back.So that is not good either..YOu have to have a buisness set up then they can trace that back to you..

Again - just waiting to see.

Hmm didnt hear about this.

Well now that international sellers are allowed to register on Amz.com, and this might apply to USA people only, you could for example open a Canadian bank account, register as Canadian seller and therefore the same rules won't apply?

Yes they can, but they will not because it does not really mean anything.

As you mentioned you MUST have a Business set up for this.

Say for example you worked for Best Buy and now you were told to open an Amazon account by you boss in order to sell.

You go to Amazon and open a Business Account and Provide them with all the Information they ask for, including if they want your Personal information.

The EIN Number you will give them is Best Buy's, so Now lets say Amazon decides to Trace Company Ownership, your Name will Not show up, Do you think Amazon will close the Account?

The Same Idea Applies to ALL Companies no Matter how Big or Small,,That is Why Amazon will Not trace Ownership of Companies. It costs Money to do it and it is Pointless.

If there Must be a Trace to see who Actually Owns a Particular Company it will be the I.R.S. that does it, Not Amazon I can ASSURE you of that.

I have been adding EIN Numbers to Paypal accounts since last November, I have 8 so far, ALL of them running Perfectly,,I will soon begin to do the Same with Amazon, I truly believe that NOTHING will happen to Any of my Accounts.

What we might be able to say soon is that STEALTH HAS GONE CORPORATE LoL

yes but they can check through public records and if you open a buisness lets say 5 and apply for a ein they will be able to trace it back to you via public records. public records is free!! I had did this years ago and they traced all my accounts (buisness) 8 of them and closed them all.when i looked up my name all my companies showed up. So it does not work like that. so Like i said WE ARE shot!!!:surrender:

There is a LOT More to it than that,, I can 100% Tell you that this Method is Working for PERFECTLY Paypal. 1 of my Accounts is going into its 5th Month, I CANNOT see it not working for Amazon, I will keep all Posted

Everyone calm down! We need to see how they implement this, and then we can come up with the workaround.

Trust me, when there is a will, there is a way. It may become a little more difficult, and turn and burn may no longer be worth it, but Stealth WILL survive. They cannot get rid of us. All they can do is change the rules. We will adapt.

Be careful when it comes to the IRS, they'll simply tell Amazon of the mismatch and a monkey can guess what happens next. I lost a few affiliate accounts by mixing up a couple of digits. Do not do it!! There's also the matter of backup withholding. IRS will tell amaz to hold 30% of your GROSS sales unless you certify that your entity is not subject to backup withholding. You don't want to screw around.

The good news is, IRS will give you as many FEIN as you want as long as you can verify your SSN. So go fill out the SS-4 online (it's free, so don't get scammed) and you'll get your EIN on the spot. They don't care if you register your DBA, LLC or what not after you get your FEIN, unless you're doing a sub-S Corp. Also, it takes a court order for IRS to release SSN behind the FEIN, so if Amaz finds out, it's either you really pissed them off or they looked you up on your state/county records.

So, the real question is, do you need to file a DBA once you have the EIN?

Ok I am done with this thread until further Am az on notice ha - all the best.

I am Forming companies to go with the EIN, Just to be Prepared,,,It is Gonna Suck come tax time Next year, Accounting Wise, but I will deal with it then,,Meanwhile Im simply incorporating the Extra Costs in my Products, It is Just a More Expensive way to do Business