Forum

To not supply ein or ssn & keep selling?
 

I have a couple of questions and wondered if anybody have any idea of the below partial email from Amazon.
1.)If say we were to meet the limits for reporting for the calendar year and say we don't supply the required ein or ssn number..can we just stop selling for the rest of the calendar year and start over the next year without having to supply this information until we hit the limits again? or will we have to still supply the information because we have made that amount during 1 calendar year?

2.)What if we don't supply the required tax id information by Dec 26th being that the limits are met and Amazon suspends the account..wil they still send your money to you in 90 days or will they hold your money hostage untl you supply the ssn or Ein number?


****AMAZON PARTIAL EMAIL*****
Beginning with the 2011 tax year, new IRS regulations require Amazon to file
a Form 1099-K for sellers who exceed $20,000 in unadjusted gross sales and
200 transactions in a calendar year. Note that if the required information is
not provided to Amazon by December 26, 2011, your Amazon selling privileges
will be suspended until you provide the information.
*****END***********

When Ebay suspends 1 get another 2 & keep it movin ))

I agree... suspension is nothing on this forum..


Supplying EIN/SSN is risky..

Most likely, YES, you would get the money in 90 days. What is unknown, however, is whether or not Amazon will be required to turn over 30% of the gross sales to the IRS under the backup withholding rules.

Yes, and I seriously doubt your account will be sitting there next year waiting for you with no limits. They arent going to play games.

withholding is unlikely, since the limit for amazon is 50, which is way below 200 or $20K.

Yes, but if he is getting this email, he must have met the limit for this year already.

Thanks everyone for the responses and by the way Jeffweico, I'am a female lol :pop2:. No I have not met the requirement yet but I was wondering if by December 26th if we did not supply the required information for the $20,0000/200 orders would amazon hold the money or if they would release it and just suspend our account. I hope your not right Jeff about the withholding part.:pry:

Super easy. Just take all money out before 26th.

This will eliminate a lot of the competition I think. Personally I am glad and it will increase the price of items to near retail value instead of 50-75% due to all these sellers selling.

Oh believe me I'am not a new seller on Amazon =} I will take every dime of my money out that I can, but as most people know that around the Christmas holiday you tend to make more money and with that being said Amazon may lock or suspend your account on dec. 26th which may have thousands of dollars in it.

The amateurs will disappear, but the professional sellers will just create lots of new accounts. If there is money to be made, these new regulations will not slow down the online entrepreneurs.

I have to say :amen: to that.:clap:

What is backup withholding rules?