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***********
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When Ebay suspends 1 get another 1 :D & keep it movin
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