Re: Got This Tax Msg today! (Tax Payer Status)
Paypal told me they are moving to require SSN/Taxpayer ID on all accounts. They're starting with new accounts and higher transaction accounts, but eventually, they will require it on all. The last ones will be those that receive little to no payments (accounts only used for sending money). They don't want to do too much at once because they lose customers at each stage. Kind of like boiling a frog, they want to do this with the public slowly so there isn't enough frustration at once to result in public outcry.
The only thing you can do is get business license and EIN or buy an account that comes with SSN, etc.
I have been worried about getting my money out in time. I have a large transaction with the typical hold on it until the customer receives. I am hoping, in a couple days, I'll be able to send it directly to my bank account without a SSN. If I have to provide SSN, I will be really screwed. I am also hoping, at worst, they will just tell me I can't receive any payments in the future, but withdrawing for previous sales will still be okay. I have been worrying about this and recent changes all weekend trying to figure out what to do.
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