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07-09-2010
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Activity: 0% Longevity: 80% | | Does Amazon ever ask for SS#?
I have a brand new account at amazon, all non-Vero style merch, all real info used. Bank account verification went without a hitch, 14 day waiting period ended and bank money transfers have all gone silky smooth.
The thing is - I do not want to ever have amazon ask me for my SS#, or attempt to 1099 me.
Does amazon ever ask for this number? And if I go to pro-merchant account, at this change, does the river ask for a social?
My monthly sales should hover just under $700 a month unless we have a gang-busters holiday season coming which I seriously doubt.
I have a pp account that has had a lot of action through it over 9 years and never had them yet ask me for this info. I think it must be because I sell low risk items, take breaks every few months, not a single chargeback, and have had same info (email, addy, bank, phone) for that 9 years.
I just do not want to ever give out ss to these people for several reasons.
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07-10-2010
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I had an account with over 9K in sales, and never was asked to provide one.
So I highly doubt it, however with the ways online laws are changing reguarding reporting taxes, I would expect it in the near future.
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07-10-2010
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they are also open for international business, and they normally dont have a Social-Slavery-Number
So i think there are always a way around that
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07-10-2010
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They have never asked for a SS#
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07-10-2010
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amazon doesn't ask for ssn ever.
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07-10-2010
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They will next year.....count on it! Quote:
Originally Posted by 123 amazon doesn't ask for ssn ever. | |
07-10-2010
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Originally Posted by cherrqell They will next year.....count on it! | I hate to say it, but he's right. Here is an excerpt from an article in Forbes Magazine: With the economy worsening, more and more people are likely trying to make ends meet by selling goods via eBay, Amazon.com, Google Checkout and other online services. The Internal Revenue Service is fixing to wield a big new weapon to get its cut.
Desperate to generate revenues by narrowing the "tax gap" (and at the urging of the Bush administration), Congress last year passed legislation requiring processors of third-party payments and settlements--mainly payment card companies and services like Paypal--to report to the IRS individuals and business entities that receive at least $20,000 a year in credit- or debit-card charges from 200 or more transactions. The mandatory reporting, buried in the Housing Assistance Tax Act of 2008, would begin in 2011.
This could affect stealth accounts down the line. Right now, they just want the accounts with over $20k in sales, but that could change if they see $$$ from implementing this. It also gives everyone an excuse to require an SSN.
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07-11-2010
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Not only that, but how bout this little gem they snuck in...... By Sandra Block, USA TODAY
A little-known provision in the health care reform law could significantly increase tax recordkeeping requirements and costs for nearly 40 million self-employed workers, small businesses and charities, the IRS' national taxpayer advocate said Wednesday.
Starting in 2012, self-employed workers, small businesses, charities and government agencies will be required to issue Form 1099s to every vendor from which they purchase more than $600 in goods during the year.
For example, a self-employed consultant who buys a $700 computer from an office supply store would be required to send a Form 1099 to the store and the IRS.
Currently, businesses are required to provide Form 1099s for services, such as payments to independent contractors, but not for goods.
IRS: Lacks clout to enforce mandatory health insurance
The provision is designed to provide the IRS with more information about income and deductions reported by small businesses. Underreported income from small businesses accounts for a significant portion of the $300 billion "tax gap," according to the IRS. The tax gap is the difference between the amount owed the government and the amount taxpayers actually pay.
The Congressional Budget Office estimates that the new reporting requirement will raise $17 billion in tax revenue over 10 years, which would be used to offset some of the costs of health care reform.
But in an interview, IRS taxpayer advocate Nina Olson said the requirement could force small-business owners and charities to purchase new software and hire additional accounting services.
Businesses that make qualified purchases from at least 250 vendors during a year will be required to file their 1099s electronically, generating an additional expense, she said.
"I'm not sure that the information that we get from this will be so valuable that the burden it puts on taxpayers is justified," she said.
IRS spokesman Terry Lemons said the IRS has proposed exempting some small-business purchases made with credit or debit cards from the new reporting requirement.
"We're looking at ways to try to minimize the burden on businesses as much as possible," he said.
Under a law enacted in 2008, starting in 2011, financial institutions and payment processors must report businesses' credit and debit card payments to the IRS. That means the IRS will already have a record of those transactions, Lemons said. Quote:
Originally Posted by jeffweico I hate to say it, but he's right. Here is an excerpt from an article in Forbes Magazine: With the economy worsening, more and more people are likely trying to make ends meet by selling goods via eBay, Amazon.com, Google Checkout and other online services. The Internal Revenue Service is fixing to wield a big new weapon to get its cut.
Desperate to generate revenues by narrowing the "tax gap" (and at the urging of the Bush administration), Congress last year passed legislation requiring processors of third-party payments and settlements--mainly payment card companies and services like Paypal--to report to the IRS individuals and business entities that receive at least $20,000 a year in credit- or debit-card charges from 200 or more transactions. The mandatory reporting, buried in the Housing Assistance Tax Act of 2008, would begin in 2011.
This could affect stealth accounts down the line. Right now, they just want the accounts with over $20k in sales, but that could change if they see $$$ from implementing this. It also gives everyone an excuse to require an SSN. | |
07-11-2010
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Amazon, and ALL other Payment Processing Companies, MUST have a SSN on file for EVERYONE who has $20,000/200 transactions a year in Sales in order to comply with the Law.
The "Trap" that is being set up here is that Amazon/Paypal and the rest will be that as soon as all those accounts that DO NOT have a SS# on file cross the $20,000 a year mark, they will get immediatly Frozen/Limited until you provide them with a SS#, and if you cannot give them a SS# whatever money they "Freeze" in the account is GONE. Be wary of this, It will Happen.
What Needs to happen in order to Avoid this is, Ebay, Amazon, and other selling Platforms must allow Sellers Their own Choice of Payment Processors, Which as of now does NOT seem Likely, However that may change if Amazon, Ebay, and others Experience SHARP Declines in Revenue because of this Law.
If this does happen, then you will be able to get a Payment processor based in another Country that will NOT Be required to report to The IRS. Therefore they will have no need for a SS#, and NOT Require it.
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07-11-2010
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Interesting....very good point! Quote:
Originally Posted by slapped Amazon, and ALL other Payment Processing Companies, MUST have a SSN on file for EVERYONE who has $20,000/200 transactions a year in Sales in order to comply with the Law.
The "Trap" that is being set up here is that Amazon/Paypal and the rest will be that as soon as all those accounts that DO NOT have a SS# on file cross the $20,000 a year mark, they will get immediatly Frozen/Limited until you provide them with a SS#, and if you cannot give them a SS# whatever money they "Freeze" in the account is GONE. Be wary of this, It will Happen.
What Needs to happen in order to Avoid this is, Ebay, Amazon, and other selling Platforms must allow Sellers Their own Choice of Payment Processors, Which as of now does NOT seem Likely, However that may change if Amazon, Ebay, and others Experience SHARP Declines in Revenue because of this Law.
If this does happen, then you will be able to get a Payment processor based in another Country that will NOT Be required to report to The IRS. Therefore they will have no need for a SS#, and NOT Require it. | |
07-11-2010
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Originally Posted by slapped Amazon, and ALL other Payment Processing Companies, MUST have a SSN on file for EVERYONE who has $20,000/200 transactions a year in Sales in order to comply with the Law.
The "Trap" that is being set up here is that Amazon/Paypal and the rest will be that as soon as all those accounts that DO NOT have a SS# on file cross the $20,000 a year mark, they will get immediatly Frozen/Limited until you provide them with a SS#, and if you cannot give them a SS# whatever money they "Freeze" in the account is GONE. Be wary of this, It will Happen.
What Needs to happen in order to Avoid this is, Ebay, Amazon, and other selling Platforms must allow Sellers Their own Choice of Payment Processors, Which as of now does NOT seem Likely, However that may change if Amazon, Ebay, and others Experience SHARP Declines in Revenue because of this Law.
If this does happen, then you will be able to get a Payment processor based in another Country that will NOT Be required to report to The IRS. Therefore they will have no need for a SS#, and NOT Require it. |
Excellent point!! Let's hope the people at eBay and other selling venues smarten up quickly and do that...If they do not the only idea is to just have multiple stealth accounts that stay under 20k/200 auctions...Also, does 200 auctions mean SOLD items or just listed?
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07-11-2010
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Activity: 0% Longevity: 81% | | Quote:
Originally Posted by rcdrivertim Excellent point!! Let's hope the people at eBay and other selling venues smarten up quickly and do that...If they do not the only idea is to just have multiple stealth accounts that stay under 20k/200 auctions...Also, does 200 auctions mean SOLD items or just listed? |
Sold, Since it is the Payment Processor, NOT the Listing site Required to Report. the Payment Processor " Should" have No way of Knowing How much you are listing (on Ebay), and Also sites like Amazon with Fixed price listings can have thousands of Sales from only 1 Listing.
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07-11-2010
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Like I said in a similiar thread, amazon has started asking for SSN for Amazon Payment sellers, so I would think that the likelyhood they will require it for amazon seller accounts is high. It may happen within the year.
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07-11-2010
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But your still gonna have to have a separate SS# for EACH stealth account which may be impossible. Checking the validity of SS#'s is not that difficult.
The one thing that may do us all in, is that ebay, and Amazon may require a valid SS# for every account whether they reach that $20,000/200 transaction threashold......our days are numbered sorry to say.
Get your money out ASAP, because once they ask for your SS# at the beginning of next year, they may freeze your funds until the information is furnished, and if your dont comply, they WILL keep your money! Quote:
Originally Posted by rcdrivertim Excellent point!! Let's hope the people at eBay and other selling venues smarten up quickly and do that...If they do not the only idea is to just have multiple stealth accounts that stay under 20k/200 auctions...Also, does 200 auctions mean SOLD items or just listed? | |
07-11-2010
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I have never been asked for a SSN. I have no idea why Amazon would anyway.
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07-11-2010
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Originally Posted by slapped ......Since it is the Payment Processor, NOT the Listing site Required to Report........... | Ebay wil NEVER need your SS# in order to Comply with the New Law. Amazon WILL Because they Process Payments if you are a SELLER |
07-11-2010
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doubt they will require it if your below the 20 grand and since none of my stealth accounts makes it to that ill be fine
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07-13-2010
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Or they operate from CA, where they dont need that SSN.
Because i think there are too many international companies who dont need and dont have a SSN or Tax-ID.
Its easier for companies to go to countries where they have more freedom!
Or they loose a lot of money, when non of these internation seller can sell their stuff!
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07-16-2010
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One can always break up their sales between a few accounts to keep sale well below 20k if need be.
14k on amazon, 16k through pp, and another 9k through a cc terminal, etc.
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07-16-2010
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Originally Posted by slapped Amazon, and ALL other Payment Processing Companies, MUST have a SSN on file for EVERYONE who has $20,000/200 transactions a year in Sales in order to comply with the Law.
The "Trap" that is being set up here is that Amazon/Paypal and the rest will be that as soon as all those accounts that DO NOT have a SS# on file cross the $20,000 a year mark, they will get immediatly Frozen/Limited until you provide them with a SS#, and if you cannot give them a SS# whatever money they "Freeze" in the account is GONE. Be wary of this, It will Happen.
What Needs to happen in order to Avoid this is, Ebay, Amazon, and other selling Platforms must allow Sellers Their own Choice of Payment Processors, Which as of now does NOT seem Likely, However that may change if Amazon, Ebay, and others Experience SHARP Declines in Revenue because of this Law.
If this does happen, then you will be able to get a Payment processor based in another Country that will NOT Be required to report to The IRS. Therefore they will have no need for a SS#, and NOT Require it. | One answer at Ebay is Paymate, based in Australia.
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07-16-2010
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I forgot I gave them my SS# sorry.
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07-16-2010
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this thread should be locked for prying eyes!! |
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