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Old 06-06-2012
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Default 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
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Old 07-23-2012
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Have someone tried to go past $20000? I recently got passed $15,000 mark, and added cannot "receive money" to my Paypal. Have anyone tried to providing legit info. Would it be safe to pay taxes on these kind of sales.
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Old 07-23-2012
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so if i were to reach the 20k yearly limit, but not go over 200 payments then i wont be reported to the irs? please respond !!
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Old 07-24-2012
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ok i just needed clarification on that. thanks. my paypal is running with all my legitimate information including my ssn. What can i expect to occur if i dont cross those thresholds?
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Old 07-24-2012
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There is alot of misrepresented information on this thread. So I recommend you either A. read around on the forums more or B. Seek professional help. Many people on here say false information, because that is what they are doing and it makes them feel better about it.
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Old 07-24-2012
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IF YOU CAN NOT WORK THE REQUIREMENTS OUT by READNG THE FORUM, you need PROFESSIONAL TAX ADVICE.


Posts that are INACCURATE are deleted
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Old 07-24-2012
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http://www.aspkin.com/forums/paypal-...unt-sales.html


http://www.aspkin.com/forums/paypal-...taxid-ssn.html


http://www.aspkin.com/forums/paypal-...-question.html


http://www.aspkin.com/forums/paypal-...d-s-s-irs.html


http://www.aspkin.com/forums/paypal-...d-s-s-irs.html

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scrapdog2grand (10-11-2012), waterproof (07-24-2012)
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