Got off the Phone - you will need to Verify your Id and get a 1099-K

[gibsonton]

According to the rep and the website you will need to Verify your ID and will get a 1099K sent to you by email ...although kinda of fuzzy on exisiting and New accounts .

[lagoonclub]

Never heard of this, can anyone shed some light?

[shogun1]

is this for accounts that reached 20k?

[First Edition]

You need to define what you mean in your post a little more clearly.

[FandangoKango]

Originally Posted by gibsonton

According to the rep and the website you will need to Verify your ID and will get a 1099K sent to you by email ...although kinda of fuzzy on exisiting and New accounts .

1099k? wow. if this happens im out lol

[gibsonton]

Originally Posted by First Edition

You need to define what you mean in your post a little more clearly.

Just call Paypal and they will go over with you on the Phone , they were actually very helpful ...you need to Verify your account with SS# or FEI if you currently meet requirements ....and New accounts will have to be Verified through a new verification process on Jan 1st 2011 they wouldnt tell me the details on that ... and if you meet the Irs Requirements you will get a electronic 1099K from paypal which is also reported to the Irs as per the
6050w Law .

[lagoonclub]

Originally Posted by gibsonton

Just call Paypal and they will go over with you on the Phone , they were actually very helpful ...you need to Verify your account with SS# or FEI if you currently meet requirements ....and New accounts will have to be Verified through a new verification process on Jan 1st 2011 they wouldnt tell me the details on that ... and if you meet the Irs Requirements you will get a electronic 1099K from paypal which is also reported to the Irs as per the
6050w Law .

Are you saying we should be making as many accounts as we can before Jan 1st?

[First Edition]

The date of the account creation will not supersede the federal legislation.

[nicetrypaypal]

yep I got it also..

its for over 20,000.. i got same email and had to call in and fax everything, and send in id as well with business id and 1099k..

i ended up talking to them for over 1 hour.......

the guy mark i talked to told me SS numbers will be asked for starting on January 1St..

don't know if that's bull**** or not.. i didn't care.. i bypassed their system with both accounts this week for the 20k check point.. lol

no limit and transferred out 5,000 and hit the bank 3 days later....

[Atomic]

I'm confused.. does this mean we're ****ed or not?

[no_rat_race_for_me_thx]

so what do you guys think will be the effects of this to stealth accts?

in laymen's terms, please?

[Pasicel]

hm?
https://cms.paypal.com/us/cgi-bin/ma...ng_us/IRS6050W

[nicetrypaypal]

you posted a link everyone has seen? lmao

[First Edition]

In laymens terms, no, YOU specifically, probably are SOL, however.

This isn't NEW news. Search the threads, look for other ways to receive money online! But... ALL PAYMENT PROCESSORS HAVE TO COMPLY

Cash is king, always has been, always will.

laymen.... YOU GET REPORTED TO THE IRS WHEN YOU SELL MORE THAN 20K OR 200 TRANSACTIONS!

What do they need to report your gross receipts?

thread closed? please? hurry?

[Atomic]

First Edition; L2R.

I was saying.. Do we have to submit information BEFORE the 20k mark and the 200 trans?

If I sell 200/month and 1 trans would I have to submit docs?

p.s I just started selling on eb don't jump on my back.

[First Edition]

Ask paypal, they are the only party that is going to be able to answer that.

Actually, let me get my crystal ball....

Dangit.... she says you need to ask paypal too!



The thing is, we just don't know what will happen. You need to plan accordingly. hope for the best, plan for the worst?

[Atomic]

Nevermind. Stealth is officially dead.

Edit: IDK I had one rep tell me yes and one tell me no.. idk.

[First Edition]

no no no.... it is not. Think outside the box.