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Old 04-13-2012
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Default Paypal Tax ID Email

I did a search and didn't find an answer so I'm asking it here. I got a email from Paypal to please provide a tax ID number. I'm positive I haven't hit 200 sales or 20k this year, so what's with the email? Will my paypal be limited if I don't provide it? Any help is appreciated. Thanks
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Old 04-13-2012
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The 200 and 20k is NOT concrete.

I got hit with it last year on an account at close to 12k.

Yes, if you do not provide the info the account will be gone.
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Old 04-13-2012
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Quote:
Originally Posted by Sandy D View Post
The 200 and 20k is NOT concrete.

I got hit with it last year on an account at close to 12k.

Yes, if you do not provide the info the account will be gone.
Yeah, but paypal won't report it to IRS correct? They only report it when you hit the 20k and the 200 items correct? So if I enter my info it's not being sent?
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Old 04-13-2012
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I have a paypal that's been requesting it for several months, I never gave it and it's still going strong.
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Old 04-13-2012
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Originally Posted by Master Jedi View Post
Yeah, but paypal won't report it to IRS correct? They only report it when you hit the 20k and the 200 items correct? So if I enter my info it's not being sent?

Thats not the case either. They are not REQUIRED to report it unless it hits 20K. Still isnt mentioned as to whether or not they report anything under. Many companies report ALL money taken in. Its not a punishment to have them send 1099's out. Too many on here are looking at it as some sort of punishment. Its always been there just now those online businesses are required at a threshold. I have a couple accounts with much less get reported. why would it matter anyway, you have to report it too so its not an issue.

Stealth or not you need to report it. regardless if your paypal or what ever account says mickey mouse on it. Once tax time comes around you have to put your name and SSN on the forms and fill them out. If you dont then you should be.

Dont think for a minute that the IRS cannot audit you with ease and know all about what you are doing. I dont take the chance. I have seen what can be done.
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Old 04-14-2012
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My housemate got hit at $5k and received the 1099 for $11k.
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Old 04-16-2012
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If you order a random EIN on the IRS website and give it to paypal, will they even verify it? My understanding is it takes a bit of work to verify that on their end.
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