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martyjump

09-29-2015 10:39 PM

After October the 200/20k threshold

Seems like I read somewhere (I think here) that after October if your accounts haven't been hit with the tax ID request they should be good for the rest of the year.

That can't be right can it?

For me and I'm sure everyone else the Christmas season is huge for sales. I can't imagine that I could have 150 sales in october and then just go crazy and get another 200 sales for the christmas season on an account without getting a tax ID request.

I swear I read this somewhere though.

jeffweico

09-29-2015 10:48 PM

Re: After October the 200/20k threshold

For the average account, they will probably NOT ask for this. However, you are correct. If you start getting huge sales, they WILL still ask for this information. The IRS rule does not get put on hold just because it is the end of the year.

yankee

09-29-2015 10:54 PM

Re: After October the 200/20k threshold

A couple of us last year put through some big numbers in December with no tax requests.

jeffweico

09-29-2015 11:07 PM

Re: After October the 200/20k threshold

Quote:

Originally Posted by yankee (Post 709762)

A couple of us last year put through some big numbers in December with no tax requests.

Did you go over the threshold? I would be hesitant to go completely crazy on an account on the theory that they will not ask because it is too late in the year. If your sales rocket in mid to late December, they might not have TIME to ask you for the information, and they DO give you some time (at least most of the time) but I would still be careful.

yankee

09-29-2015 11:16 PM

Re: After October the 200/20k threshold

I take the vast majority of the money in all in a few days running auctions. Much faster than the system can catch it.

right around 220-250 transactions and well over the $$$ side.

jeffweico

09-29-2015 11:24 PM

Re: After October the 200/20k threshold

Quote:

Originally Posted by yankee (Post 709766)

I take the vast majority of the money in all in a few days running auctions. Much faster than the system can catch it.

right around 220-250 transactions and well over the $$$ side.

Did the request come in the following year?

yankee

09-30-2015 05:39 AM

Re: After October the 200/20k threshold

Quote:

Originally Posted by jeffweico (Post 709768)

Did the request come in the following year?

No and that is not how it works. The following year you get a reset to zero. Tax year is January 1st-decemb er 31st.

Even if you get limited on December 30th(although I have not heard of anyone getting a request or limitation in December) you get a reset in January.

martyjump

09-30-2015 11:06 AM

Re: After October the 200/20k threshold

Thanks for the replies everyone

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