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Old 11-18-2010
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Default Is it 200 and 20k or whichever comes first?

This seems to me..that a ss # will be required soon. And if u get limited? Pp keeps your money...isnt that what the 28% quote references too?

These will of course include PayPal. In order to help the IRS associate this data with the correct taxpayer, credit card companies, debit card networks and other electronic payment processors will begin asking their customers for Taxpayer Identification Numbers.
Tax IDs will typically take the form of Employer Identification Number or Social Security Number. If an accurate number is not provided, the companies will be required to withhold a whopping 28 percent of receipts. "The limited burden of this proposal will fall on the merchant card servicing companies (which already have the information to be reported), and not on the businesses who take credit cards as a form of payment,
" Treasury Department spokesperson Andrew DeSouze tells Auctiva. "From the sellers' point of view, this provision will help them to be more compliant by providing an annual statement of their credit card reimbursements so they can have complete information to file their tax returns."
Not all eBay sellers will be affected by the new requirement, however. Obviously, the dwindling minority who only do business by cash, check and/or money order will experience no impact. But small sellers may also avoid the extra scrutiny, given the law's minimum threshold: Only payees with more than $20,000 in processed receipts and more than 200 transactions for the year must be reported.

Last edited by Moscutter; 11-18-2010 at 11:29 AM.
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Old 11-18-2010
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I am guessing you are talking about the ssn info? Not much experience on my part - you have to live through your account not being limited for all this to kick in.
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What about when you withdraw from 5 stealth accts into 5 bank accts you own? Aren't those deposits somehow regulated, wouldn't you have to pay taxes anyway?
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Cancel my post then - all I saw was NT something or the other - you had done some editing since ha - Rereading to post later but my experience with US paypal is low.
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Old 11-18-2010
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Let me clear this up for you, you need to have over 20,000 in payments and 200 transactions. You need both in order for these new regulations to affect you.
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No one said you had to pay taxes on the money.. but you will receive a 1099 which means your info is in the system that you collected...and paypal has reported.

Only 1% of people are Audited by the IRS.

However, I don't want to be apart of that 1%

I have been collecting sales tax from buyers in my state, I plan on paying taxes on my earning this year anyway.
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Old 11-18-2010
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Quote:
Originally Posted by 123 View Post
Let me clear this up for you, you need to have over 20,000 in payments and 200 transactions. You need both in order for these new regulations to affect you.
It's 20,000 OR 200 sales to get a 1099 from PP. That means you can sell two rolexes for 10,000 each OR 200 1.99 flintstone lighters when it's time to give your SS# or the variable to PP.
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Old 11-18-2010
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What's not fair or just plain stupid with this tax is only American people can be taxed while the rest of the world can sell at a discount ( no tax ). Our government sucks.
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Old 11-18-2010
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Not all eBay sellers will be affected by the new requirement, however. Obviously, the dwindling minority who only do business by cash, check and/or money order will experience no impact. But small sellers may also avoid the extra scrutiny, given the law's minimum threshold: Only payees with more than $20,000 in processed receipts and more than 200 transactions for the year must be reported.

Quoted from your own post, bizzy. Make sure you have a Tax agent to work out how to deal with all this. Try not to communicate with him via that phone of yours. He might have problems understanding.
And we could not have you getting in trouble with the TaxMan.
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