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Old 06-12-2019
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Default NOW a bank account a MUST?

Have not been selling for a while ..


ALL paypal accounts ask for a bank account.. and cash balance cannot be used to send to friend or buy on Ebay.


When did it change?
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  #2  
Old 06-12-2019
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Default Re: NOW a bank account a MUST?

This is the new normal. If you don't provide an SSN and confirm identity, you cannot spend, send, or keep a PayPal balance. Your only option in this case is to withdrawal to a bank account.
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Old 06-12-2019
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Default Re: NOW a bank account a MUST?

Haven't seen you in a while, incniu.

But yea, we need bank account to withdraw the funds to directly now.
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Old 06-12-2019
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Default Re: NOW a bank account a MUST?

Quote:
Originally Posted by nickopedia View Post
This is the new normal. If you don't provide an SSN and confirm identity, you cannot spend, send, or keep a PayPal balance. Your only option in this case is to withdrawal to a bank account.
Sadly, the truth :( sometimes there is check request option as well
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Old 06-12-2019
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Default Re: NOW a bank account a MUST?

Now my time mostly is spent on real estate.


For PayPal, before I always just spend the sales proceeds in PayPal or transfer it to another PayPal which has banks linked and withdraw.

So what are best ways to deal with money from sales with multiple PayPal accounts now ?


Must a bank account for withdrawals?

SSN still not required ?

You can not spend the cash in PayPal to buy on eBay ?


Similar to amazon.
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Old 06-12-2019
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Default Re: NOW a bank account a MUST?

A bank account is pretty much the only way to cash the accounts out. One bank account per paypal.
Youre not required to provide the SSN for that method of cashing out.
And no you cannot send payment of any kind from the account (unless they originate from a credit card and/or bank account - NOT balance).
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Old 06-12-2019
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Default Re: NOW a bank account a MUST?

Please refer to paypal new policy implement on March'19
Personal pp will have separate cash account and must linked with SSN+bank to spend money.
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Old 06-13-2019
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Default Re: NOW a bank account a MUST?

How about business PayPal with LLC ein ? Same?
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Old 06-13-2019
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Default Re: NOW a bank account a MUST?

Quote:
Originally Posted by incniu View Post
How about business PayPal with LLC ein ? Same?
Not yet, but very soon.
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Old 06-27-2019
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Default Re: NOW a bank account a MUST?

Wow, thanks for this helpful information. LLC bank accounts are exempt for now? I see. They are not cheap to create in some states though!
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Old 06-29-2019
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Default Re: NOW a bank account a MUST?

How is the sales tax works? Now ebay charges tax
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Old 07-02-2019
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Default Re: NOW a bank account a MUST?

more and more states are asking the venues to collect sales tax,Ebay will collect the sales tax and remit to the states,you dont get it.
If your state has not asked,then you are still expected to collect sales tax,you can go to your seller account and /or the listing and indicate you want Ebay to compute the sales tax for you and you will remit them to your state .
There is also use tax.
Etsy is now collecting customs duty for Australia goverment for order under $5xx.
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Old 07-02-2019
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Default Re: NOW a bank account a MUST?

between sales tax and shipping,some items are cheaper in local stores.
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Old 07-02-2019
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Default Re: NOW a bank account a MUST?

Quote:
Originally Posted by agent006140 View Post
If your state has not asked,then you are still expected to collect sales tax
That's bullsh!t.

Quote:
Originally Posted by incniu View Post
How is the sales tax works? Now ebay charges tax
If the buyer lives in a state that's passed this internet sales tax law then it's automatically added into the total and eBay remits it to whatever state for you. So there's nothing new for you to do.
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Old 07-02-2019
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Default Re: NOW a bank account a MUST?

riginally Posted by agent006140 View Post
If your state has not asked,then you are still expected to collect sales tax
That's bullsh!t.
----------------------
My state is not on the list,neither Ebay nor Etsy is collecting sales tax and remitting to my state for any of my orders shipped to my state.
But in my seller profile and listing,I ask Ebay to compute the state sales tax so the buyer would pay ME.
I will then remit to my state at the end of the year.
I am being audited by my state for sales tax,they have gone back 4 years of my sales records ,I have given them the following-
My sales ledger for 2015,16,17,18
1099K for each year from ETSY and Paypal
Annual Paypal summary showing total sales,refund,Paypal fee,chargeback.
Annual etsy summary showing sales,refund,etsy fee and returns.
I also have to show them the shipping labels for each order so the auditor can decide how many orders are sold to buyers in my state,you should be able to get them from Etsy and PAYPAL account.
I also have to give him 4 years worth of bank statements by month,so it is 48 statements per bank,and I have 4 bank accounts involved,so there are 48x4 =192 bank statements he has to go thru.
I dont know how he goes thru 192 bank statements,but what he does is single out the large amount and trace where it comes from,if it is not Paypal/etsy/amzn and not an interbank transfer,then it must be cash sale!
(aka,you sold something outside PAYPAL/EBAY/ETSY)
My advice is to find out how your state performs sales audit and be prepared.
Open a bank account just for your ecommerce business,do not use it for your personal expenses,he will be looking at deposits and want you to prove where it come from,if not salary,inheritance,insurance claims ,SS,pension,then you must have sold some thing for cash ,and it is up to you to prove it aint.
And if you cant prove it aint cash sale,then the state will assume it is cash sale and you owe them sales tax.
Happy selling !!!!!

Last edited by agent006140; 07-02-2019 at 05:33 PM.
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  #16  
Old 07-02-2019
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Default Re: NOW a bank account a MUST?

More 'irrelevant information'
-One year an antique dealer who has a brick and mortar store also sell on Ebay.
He did not report his internet sales on his tax return.
He was audited by IRS for his brick and mortar business and IRS found out he also sell elsewhere,and elsewhere = EBAY.
So it asked Ebay to disclose his sales ,Ebay has to comply.
Result he owed more tax than he reported .
He did not tell how IRS found out he was selling on Ebay,my guess is that his bank statements must have revealed such.
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