New email from Amazon about IRS requirements

[adam34996]

I just received this email from Amazon about IRS requirements.

Pretty much telling us nothing new but its some communication about the subject at least.

Sorry if this email has already been posted, its a first for me.

Hello from Amazon,

We're writing to let you know about new Internal Revenue Service (IRS) regulations that may impact your seller account.

Beginning with the 2011 tax year, new IRS regulations require that U.S. payment processors, including Amazon, file Form 1099-K for sellers that exceed $20,000 in gross sales and 200 transactions in a calendar year. The regulations also require that registered sellers (regardless of account status and sales volume) have taxpayer identification information on file in order for backup withholding not to apply on gross sales.

As a result of the new regulations, Amazon.com sellers will be required to provide taxpayer identification information to Amazon. If the required information is not provided to Amazon in 2011, your Amazon selling privileges will be suspended until you provide the information.

We are committed to making this process simple. In the coming months we will provide instructions on how to enter the required information directly into your seller account. To help protect the security of your taxpayer identification information, we will not ask you to disclose it by e-mail or over the phone.

See answers to frequently asked questions and check back occasionally for updates:
http://www.amazon.com/gp/help/customer/display.html?nodeId=200663310
Learn more about the regulations and Form 1099-K at the IRS website: Final Regulations on Payment Card Reporting

Important Notice: Information in this document does not constitute tax, legal, or other professional advice and must not be used as such. To find out how this new legislation will affect your business, or if you have other questions, please contact your tax, legal, or other professional advisor.


Best regards,

Amazon Services

[Thargyi]

Yeah, me too..I received an email from Amazon saying same thing. What is that suppose to do? Do we need to fill out something that we pay tax to GOV. Any respond will be much appreciate.

[Gamefreak]

Same here, my stealth is generating about 17k a month right now... This seems like a big draw back. I do pay my taxes an all but damn all the info on the account is nothing but BS!

[Thargyi]

Yeah, I m using my GF info such as her credit card, phone number and address with my bank account and don't know what to do..please help..how to pay tax?

[adam34996]

Many of these questions will be answered as time goes on. Social security numbers may or may not trigger them to connect you to a suspended account. My guess is Amazon just wants to comply and wont be using it to try to connect you...just my thoughts.

If you are worried about it, apply for an EIN at the IRS website. Amazon will accept this and you can apply for more then 1 if you have multiple businesses.

We shall wait and see.

[alwaystrying]

I do not think they will actually use it for linking. I Think it will just be to show they did their part to comply as adam34996 has posted. With that if it is to just show they are doing there job. there will be a way to stealth that to!!
I do not mind paying taxes but on a stealth bases It cant be done so we will have to do a work around..

[slapped]

Originally Posted by adam34996

,,,,,,Many of these questions will be answered as time goes on. Social security numbers may or may not trigger them to connect you to a suspended account,,,,,,,

I NEVER Thought of that,,,Yeah,,Kinda Like they do with adding the same Bank account Numbers to Booted Accounts,,,,I can't see it thought, because that would mean that Amazon would have to generate Multiple IRS Forms for One user who has had several accounts attached to the One Social Security Number,,but it is Possible,,

[beaches]

use stealth numbers