Wow! You just got hit with this ffdgh1? They hit me with all those about a year ago!
Here is EXACTLY what paypal says when you log into their site. This isn't just for businesses. f you are NOT a business they require you be one anyway to use their site.
Under the new legislation, PayPal will be required to report to the IRS the total payment volume received by PayPal customers in the US who:
Receive more than $20,000 in gross payment volume in a single year, AND
Receive 200 or more payments in a single year.
The IRS changes will apply to all payment providers, including PayPal. They will take effect on January 1, 2011, with the first reports going to the IRS in early 2012. Our goal is to help PayPal merchants to understand and comply with the new requirements.
If you meet the stated thresholds, you will be required to verify your identity by adding a SSN/TIN/EIN to your existing account. If you are currently using a Personal or Premier account, you will be required to upgrade to a Business account.
This is like Black Sunday for the DSS cards.........If anyone knows what that means......If you don't.......it means unless you can verify, you are dead in the water.
Last edited by mofetee; 11-18-2010 at 03:51 AM.
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