Forum

tax reporting information
 

okay I got this message below on my paypal, will my account be fine as long as I stay under 20,000 sales in the year or will paypal eventually close the account? Currently selling about 1,500 a month on sales. any advise. will opening another paypal stealth account help? thanks again


what i do, any advise

thanks

Provide your tax reporting information
We'll use your tax ID number to send tax Form 1099-K to you and the IRS if the payments you receive in a calendar year go above both of these levels:

$20,000 USD in gross payment volume for goods or services
200 payments for goods or services
Please provide your tax ID number today. That will help you continue to sell with PayPal and avoid any interruption to your PayPal service.

You can find more information about the new tax rules and why we need your tax ID number at www.paypal.com/irs.

What tax ID number do you use when you pay your taxes?
I use my Social Security Number.
I use my Employer Identification Number. If you select this, we'll ask you to upgrade to a Business account.
I use my Individual Tax Identification Number.