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SS requirements.......
 

Im going like gangbusters on one account. Still havent received the notice yet for SS# verification. Anyone else?

I think since Amazon is alot different than paypal, because paypal is strictly a payment processor they will need your information sooner than Amazon. if I was gonna guess, I think Amazon will block your account as soon as you reach the 200/20k, then once you submit the validated info, your account will be released.

Your thoughts?

I think it is still too early in the game to know for sure how this will shake out.

I don't think Amazon falls into the same category. Some may disagree with me. Amazon isn't a payment processor because they sell product themselves where as Paypal just processes payments for people. Amazon has never asked for any documents to verify peoples identies like Paypal has done for years. When your selling something on Amazon its like you are co-signing the product with them and when it sells they will give you x amount. When you sell something on Ebay a 3rd party company Paypal ( although owned by Ebay ) processes the payment for the merchandise.

Like Jeff stated above time will tell but I don't think it will happen with Amazon.

I agree. I sold over 100k last year on Amazon and they never said anything. Paypal was alerting people who would be affected by the changes.

I also agree.

I have a feeling since Amazon processes payments, they are considered a payment processor.
I don't believe selling product for themselves invalidates that but we'll see.....:ranger:

Sorry guys!

I know that we all WISH that Amazon was exempt from the new IRS rule, but they are not.

So far, however, I am not aware of them asking anyone for information. But at some point, they will have to.

not if all the money gets processed outside the US, eh.

:( ovidiu is my new hero :)

Sold 20k plus in the last 3 months on a stealth account and I havent received anything from Amazon....

I think you have to surpass BOTH 20K and 200 transactions before getting hit.

So if this actually happens, are we all lights out?

Is anyone planning for this?

Well it starts Jan 1st 2011, so they will count everything after that date.

I am okay with paying taxes, but if they ask for SS numbers for each account im in trouble.

There will be a workaround. But it will take time. The thing is, we first need to know exactly HOW PayPal/Amazon will go about implementing this.

To be clear, when I say workaround, I am referring to avoiding detection by PayPal/eBay/Amazon, NOT tax evasion!

Create several stealth accounts and report income from all accounts. There is no other workaround that I could see, if they ask for SS.

Sounds good, if no one else reports I will in march as my sales will far exceed 20K by then...

I am already paying taxes on all my amazon sales so thats the least of my problems...