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08-19-2013
| Junior Member | | Join Date: Dec 2010
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Activity: 0% Longevity: 77% | | Was asked for my IRS Tax Id info today on Paypal...
So on a Stealth account I've never been asked for my IRS Tax info, But today I had a message pop up saying there are new laws or something the IRS has and they need this info now..
Has anyone else got this?
I know I haven't hit the $20,000 mark this year, but within the last 31 days it does say I sold $2900, so could they be going off that?
Should I slow down selling on this account for a little while?
Any advice would be helpful!
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08-19-2013
| Senior Member | | Join Date: Jan 2013
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You probably received the notice because your projected to surpass the annual limits.
If you think you are going to surpass the limit, then slow down.
Do you have any other accounts working for you right now?
If so put them to work.
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08-19-2013
| | Executive [VIP] | | Join Date: Mar 2010
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Originally Posted by Iwuvcurrency I know I haven't hit the $20,000 mark this year, but within the last 31 days it does say I sold $2900, so could they be going off that?
Should I slow down selling on this account for a little while? | Yes. The sales must have tripped their algorithm that tells them the account MAY hit the limits, so they are requesting the information. This is normal.
If it were me, I would get an EIN and switch to a business account, assuming the eBay/PayPal account is solid.
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08-19-2013
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Jeff, would a sole proprietor dba suffice? Or is a llc necessary? From just a Paypal perspective...... I opened an individual PayPal account years ago and now looking to switch it over to a business account and one thing I wasn't sure of is will they ask for SSN because it was originally a individual account. I can go llc or dba but would rather just do dba but willing to do what will work best with PP.
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08-19-2013
| | Senior Member | | Join Date: Jan 2010
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Activity: 0% Longevity: 82% | | Quote:
Originally Posted by Iwuvcurrency So on a Stealth account I've never been asked for my IRS Tax info, But today I had a message pop up saying there are new laws or something the IRS has and they need this info now..
Has anyone else got this?
I know I haven't hit the $20,000 mark this year, but within the last 31 days it does say I sold $2900, so could they be going off that?
Should I slow down selling on this account for a little while?
Any advice would be helpful! | My advice is to slowly abandon that account and start a new one. If you don't want to lose the ebay account you could try linking a new paypal to the ebay.
Since the paypal is not limited, you should be ok linking a new paypal to the ebay.
If the paypal account does become limited because of the restriction, then you will end up losing the new paypal and the ebay account, but at this point, unless you can provide a ssn at some time, it's a goner anyway's.
Would you mind helping out the board and figuring out your approximate sales to date for the year? Items sold and dollar amount? We're all still at the phase where we're trying to figure this thing out.
I've had one account hit with it last December right around 180 items/18k in sales.
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08-19-2013
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If you sold 3 g's in a month, you're likely going to sell 36k in 12 months, which is over the reporting threshold.
killedbyebay - I believe a sole proprietor can only get one tax ID from the IRS. From a paypal perspective this doesn't matter, unless it's on more than one account.
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08-19-2013
| | Executive [VIP] | | Join Date: Dec 2009
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Originally Posted by Iwuvcurrency I know I haven't hit the $20,000 mark this year, but within the last 31 days it does say I sold $2900, so could they be going off that?
Should I slow down selling on this account for a little while? | It's because your PROJECTED RATE will be over 20k... 2900 in 1 month x 12? YES - more than 20k projected in the year.
Spread your sales - slow down
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08-19-2013
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Thanks! My total sales this year is a lil over $7,000..
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08-19-2013
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Originally Posted by Iwuvcurrency Thanks! My total sales this year is a lil over $7,000.. | Right but 1 month you got close to 3k...based on that, their projected rate is higher than 20k...just saying again - even though all year is only 7k
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08-19-2013
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I have one account that I have a tax ID for but haven't put it into my Paypal yet, and I also got hit with the we need your tax ID email today. My account is 8 months old and I have 177 sales and $7223.00 in sales YTD. And $5000 of the sales were just from last month and this month so it's based on projections.
I'm doing some experimenting with the account and want to see what happens so I'm holding off on putting in the tax ID right away. I have enough accounts and growing where I can play around and get some information from this account.
As of right now when I first logged in it asked for a tax ID or said remind later so I hit remind later . Now it just on the top of my overview page saying please add tax ID . As of right now I'm able to withdrawl, accept payments , etc.
I want to see how long it will be until they actually demand it and limit the account until I provide it. Ill keep everyone posted on this
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08-19-2013
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^^^^^ They shut it down after the 3rd email request.
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08-19-2013
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How long from the first email to the third , a week , month .....???
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08-19-2013
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It depends if you continue to sell at the rate that triggered the request. For example, I have an account that received the request April 1st, I paired the listings down, and didn't receive the 2nd request until Aug 15th after I had added some more listing back in. My mistake by adding too much back in. Other accounts that I've left alone received the 2nd requests within a week or 2.
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08-19-2013
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I have an account that pp asked for this info too. Its been a year now and i am still selling on it. Still no limitation or calls from pp to provide EIN. Its all how you manage your sales.
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08-19-2013
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Im hoping, I can just die down on sales for a while because I dont want to lose this account!! I have about 90 feedbacks and no holds in paypal! I also just hit "remind me later", so Ill sell on other accounts for a while..
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08-20-2013
| Executive [VIP] | | Join Date: Nov 2012
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Originally Posted by JJGold ^^^^^ They shut it down after the 3rd email request. | That is what happened to one of my accounts. Once I got the intial request where it reminds you with a full page every time you log in. I got one email as a reminder about every month for 3 months then. Boom got the can't receive funds or close your account limitations. My opinion would be just keep selling until they say you can't anymore.
Wasn't always true in the past but once you get the request now, it seems like it is only a matter of time until they limit you from reviving payments.
Last edited by vogeltron; 08-20-2013 at 06:00 AM.
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08-20-2013
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i got it today to. I think im going to see about changing it over to a business account. But i remember years ago a friend had a paypal business account and it wasnt long before they sent him an email saying something about his business credit was not good or something and they were going to be shutting down his paypal account
I actually have a Corporation i co-own so maybe i should just use that. However can paypal see who is owners?
Last edited by ilovemymac; 08-20-2013 at 07:49 PM.
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08-22-2013
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I got the notice again when I logged on today.. I guess we Shall see if I get closed after the 3rd.. Hopefully not
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08-22-2013
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Spoke tooo soon! Limitation is on there already after second request!
Ebay always has some tricks up there sleeves!! I swear!!
When you finally get your limits took higher, they get you this way!!
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08-22-2013
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Activity: 7% Longevity: 77% | | Quote:
Originally Posted by Iwuvcurrency Spoke tooo soon! Limitation is on there already after second request!
Ebay always has some tricks up there sleeves!! I swear!!
When you finally get your limits took higher, they get you this way!! | Its not that they get you, they are just following the laws in the US. They are a US based company so they have to abide by US laws. Before these laws started paypal didn't do anything like this. And its not only paypal but all payment processors.
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08-22-2013
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Originally Posted by yotano211 Its not that they get you, they are just following the laws in the US. They are a US based company so they have to abide by US laws. Before these laws started paypal didn't do anything like this. And its not only paypal but all payment processors. | Still the restrictions are coming at much different levels than the previous two years. Well below the thresholds in any instances.
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08-22-2013
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Originally Posted by vogeltron Still the restrictions are coming at much different levels than the previous two years. Well below the thresholds in any instances. | Well you have to think that every year is different. You cant compare this year with last year. Its like comparing a 18 year girl with a 50 year woman. Which one would you prefer?
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