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  #1  
Old 11-01-2016
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Exclamation Paypal requesting Tax iD

Hello, so I received my first request from Paypal today for a Tax iD.
Either with a SSN
OR EIN or individual tax identification number


So to start, I have had the account for around 2 years now.
Due to privacy reasons, I have NOT listed the account under my name, but under an alias.

I have not reached the 20000$
currently at 4000$.
I do understand that I can continue selling until I reach that 20000$.
My only problem, is that my business just recently started to grow, I am currently on my prime time, I do believe that I will reach well over 20000$ within a year.


I have no problems paying taxes, but my issue is that what would I be paying for exactly?

All my product go through customs and I regularly pay taxes for them.
Would I be asked to pay taxes on them once more?
I do understand the income part, but statistically I only receive about 20% as pure profit, due to shipping fees and ebay/paypal fees.

I currently reside in Canada.
I wouldn't like to give out my SSN to eBay,
but Id like to know what the risks are?
My business is fully legal.


What are my other options?
Do I really need to create a new stealth account?

Thank you for your help.
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  #2  
Old 11-02-2016
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Default Re: Paypal requesting Tax iD

Quote:
Originally Posted by Heracles97 View Post

I have not reached the 20000$
currently at 4000$.
I do understand that I can continue selling until I reach that 20000$.
My only problem, is that my business just recently started to grow, I am currently on my prime time, I do believe that I will reach well over 20000$ within a year.
I think you're misunderstanding he $20,000 requirement. $20,000 is the amount at which they must collect SS# by law. They can choose to collect the info before that. Also, it's not only $20,000, it's also 200 paypal transactions. So if you're doing 40 transactions at $10 a piece every month, they will ask for the info well before $20,000


Quote:
Originally Posted by Heracles97 View Post
I have no problems paying taxes, but my issue is that what would I be paying for exactly?
If you give the SS# to paypal, they will issue you a tax form called 1099 and they will send a copy to the government. Eventually the government will want to match the 1099 issued to you with an income tax return, which you will not file because you gave ⊗⊗⊗⊗ info to paypal.


Quote:
Originally Posted by Heracles97 View Post
I wouldn't like to give out my SSN to eBay,
but Id like to know what the risks are?
eventually you will be banned

Quote:
Originally Posted by Heracles97 View Post
My business is fully legal.
It's not fully legal if you gave ⊗⊗⊗⊗ US info to eBay and operating as a US entity without filing a US tax return.
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Old 11-02-2016
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Default Re: Paypal requesting Tax iD

I just got the same message today.
Selected ''not usa citizen''.
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Old 11-03-2016
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Default Re: Paypal requesting Tax iD

I am Canadian it's pretty easy to get an EIN number IRS does it over the phone.
For what I have been told (numerous times) NEVER GIVE PP a SSN (SIN in Canada) just your EIN ONLY!
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