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December 26 and nothing happened.
 

I entered all real tax info for every account I have on Amazon. Many sellers did not and everyone is still selling with no problem.

I have the pending verification message but I am still able to sell as well.

It was probably only a cheap trick from Amazon and government to force us to enter tax IDs and now we are all fu**ed up with paying taxes on old accounts. No way back.,

To all sellers who took the risk by not registering tax ID or SSN, I guess everything is OK so far. Wish you the best.

Keep up with the updates.

subzero how did you enter ssn on all your accounts? You must not be stealth. I didn't enter on the accounts I have and I'm still selling and receiving disbursements. I think Amazon saw how many people didn't give up their info and saw how much money they would lose and backed off the suspensions.

I was suspended. 9 accounts. Now im back and running 2 adding more slowly but have not received a payment yet fingers are crossed i have another week till d day..

Everyone who input their SSN or TAX-ID is going to be paying taxes for their whole amazon history. This has to be the biggest ploy ever made and its 100% legal..

i'm not putting mine in.

i entered ⊗⊗⊗⊗ ssn and id number.

They accepted it. -=}

****!.

I did not take the risk by not entering my numbers, or by putting phake numbers.

Now I know they are not doing anything for the rest of sellers, so I am creating new accounts as well.

Stupid Amazon.

how will we know whether amazon sent our info to irs? will amazon send us the tax forms if they did indeed send our info? any clue because I gave my real ssn.

how will we know whether amazon sent our info to irs? will amazon send us the tax forms if they did indeed send our info? any clue because I gave my real ssn.

They will send you a copy of anything Amazon gets.

I'm still researching if this is true or not, but while trying to find a payment processor for another business I have, to accept CC's in my store, I came across this quote:

"The original requirement dictated that processors perform this function as of December 31, 2011, but the IRS has extended the timeframe until December 31, 2012."

I'm looking around the IRS site trying to find more information but is it possible that they just extended the requirement by another year? I also have accounts that are still working fine so this could be true. If it is, then by all means, 2012 is the year to go nuts and sell all you can and set you up for retirement lol

STG

Good find!!

Well well well weezer fell in the well!
Amazon had info on this and laid down a scare tactic for us sellers... here is the web page. 2012 is the year to clean up!!

IRS Postpones Credit Card Withholding Requirements

Payment processors are supposed to begin reporting payment card and third-party network transactions to the IRS on a new information form known as the Form 1099-K and withhold 28 percent of the money from retailers and others for whom a taxpayer identification number could not be verified, starting next year. However, under transitional relief granted by the IRS last week, they will not need to begin the withholding until 2013.

According to the Housing Assistance Tax Act of 2008, payment-processing companies that handle credit and debit card transactions were scheduled to begin reporting in early 2012 payment card and third-party network transactions that occurred in 2011. The law added Section 6050W to the Tax Code for reporting of payment card and third party network transactions, in order to increase transparency in relation to electronic payments and transfers. It was expected to raise $9.5 billion in extra revenue over 10 years.

Does this mean Amazon is not sending our infor to irs for the year 2011?

wow! From Sage payments!

If we do not have a valid TIN/EIN by December 31, 2012, then we will be required to perform backup withholding from our merchant's funding by deducting and withholding income tax from reportable transactions. The original requirement dictated that processors perform this function as of December 31, 2011, but the IRS has extended the timeframe until December 31, 2012. To avoid potential back withholding, we encourage you to update your information at your earliest convenience.

I need to research more....

If we do not have a valid TIN/EIN by December 31, 2012, then we will be required to perform backup withholding from our merchant's funding by deducting and withholding income tax from reportable transactions. The original requirement dictated that processors perform this function as of December 31, 2011, but the IRS has extended the timeframe until December 31, 2012. To avoid potential back withholding, we encourage you to update your information at your earliest convenience.


This is already known. In fact, on an old merchant account I had that I ended up closing, they were going to do backup withholding regardless, unless I signed into a special portal and certified that I was not subject to backup withholding.

Bottom line? Companies don't want to be blamed for their user's tax mishaps. These rules will be enforced vigorously when the time comes; make no mistake about it!

I do not give a nut anymore. I am selling as much as I can, open a million accounts, cash out and retire on Xmas 2012.

Stupid regulations.

It seems that we have gotten a year reprieve. I have some very old accounts that may actually survive. I've yet to hear anything from Amazon, so I'm hoping its business as usual.....

will have to cash out before next christmas most likely end of oct early nov 2012 just like they started to suspend accounts this past nov.