| scrapdog2grand | 06-06-2012 06:15 PM |
Paypal wants tax id, how long before interuption?
So here is the Email I recieved today, I will not meet both requierments on this acount, get alot of sales, but it will only total about 2,500.00 at the end of the year.
I have another account with almost 2000.00 in sales, and may hit 5,000 by the end of the year, but have only sold about 40 items so far. that did not get hit yet. We're asking for your tax ID number due to new IRS rules. Your tax ID
number is one of these:
- Your Social Security number
- Your Individual Tax Identification Number
- Your Employer Identification Number
We'll use your tax ID number to send tax Form 1099-K to you and the IRS
when the payments you receive exceed both of these milestones in a calendar
year:
- $20,000 in gross payment volume for goods or services
- 200 payments for goods or services
We want to help you continue to sell with PayPal and to avoid any
interruption to your account. It's easy — here's how:
1. Log in to your PayPal account.
2. A message will appear asking you to update your information.
3. Click Provide Now.
If you have multiple PayPal accounts, repeat these steps for each account.
We appreciate your help in complying with these IRS rules. For more
information, see our FAQs on the IRS reporting requirements:
www.paypal.com/irs
Sincerely,
PayPal | 
