| de2009 | 09-15-2012 03:44 AM |
canadian account paypal ask for TAX ID
i suddenly received an email from pay pal today:
"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"
BUT this pay pal account is canadian, it's st**lth!!! when i searched around the forum and found that this issue is with US account only, am i right?
when i click the "provide your tax id now", i got 2 options:
Confirm your tax status
Select the statement that best describes your tax status:
1.The owner of this account is not a U.S. person or entity and is not subject to U.S. taxation. (What's this?Please select this option if you are not subject to U.S. taxation. This generally applies to a person that is not a citizen or resident of the U.S. and who does not conduct a business in the U.S. It may also apply to an entity that is not organized under U.S. law and does not conduct a business in the U.S.)
2.The owner of this account is subject to U.S. taxation.
when i looked at the Q&A of IRS, i found the following:
Are non-US PayPal accounts affected by this new law?
Internal Revenue Code Section 6050W requires PayPal’s non-US subsidiaries to comply with the new law. "As a result, non-US account holders may need to certify their non-US status and their address. US sellers using a non-US PayPal account may be required to provide a tax ID number (Social Security Number (SSN), Employer Identification Number (EIN), or Individual Tax Identification Number (ITIN)) for those accounts. If you have an account with one of PayPal’s foreign affiliates you will be contacted when you approach the IRS thresholds."
when i click the 1st option "not a U.S. person or entity and is not subject to U.S. taxation", it asks me to confirm name and address, the message is like the following:
"Owners of non-U.S. PayPal accounts may declare that they are not a U.S. person/business and are not subject to U.S. taxation.
Please confirm the following information:
Name
Home Address
By checking this box and clicking Submit, I certify the following, acknowledging that false statements may lead to penalties under applicable law (for example, penalty of perjury in the U.S.)
The account owner is not a U.S. person or entity.
The account owner is not subject to U.S. income tax.
The name and address listed on the account are the name and address of the account owner.
If the account owner becomes a U.S. person or entity, or becomes subject to U.S. income tax, the account owner will notify PayPal."
will i be ok once i confirm the name and address and choose "not a U.S. person or entity and is not subject to U.S. taxation"?
CAN ANYONE HELP? this is a canadian account, of course there is no SSN. i really want to email or call paypal to ask them whether this is a mistake.
when this account is made, a VBA which is a US bank account was used to verify the account, is this why i got hit on this?
i really want to withdraw the $ from the account, i have over 2k there, not sure what is the safe amount to withdraw now. if i failed to provide the tax ID, will i get limited forever and lose all $ in there? or pp still give 180 days for me to withdraw the account.
PLEASE HELP ME, IT MAKE ME DYING.... | 
