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eBay Suspended & PayPal Limited Forums (https://www.aspkin.com/forums/)
-   PayPal Talk (https://www.aspkin.com/forums/paypal-talk/)
-   -   Question on the 200 transaction or $20,000 (https://www.aspkin.com/forums/paypal-talk/75182-question-200-transaction-20-000-a.html)

sclf 07-17-2014 05:50 AM
Re: Question on the 200 transaction or $20,000
 
Ill try to see if that will work, thank you.

Tag123 07-17-2014 06:19 PM
Re: Question on the 200 transaction or $20,000
 
Quote:
Originally Posted by GoteBay (Post 566973)
Straight from PayPal and this is current:

What is Internal Revenue Code (IRC) Section 6050W?
Under the legislation, we'll report to the IRS the total payment volume received by US account holders whose payments exceed both of these levels in a calendar year:

1. US$20,000 in gross payment volume from sales of goods or services in a single year
2. 200 separate payments for goods or services in the same year

IRC Section 6050W applies to all payment processors, including PayPal. Our goal is to help PayPal sellers understand and comply with the new requirements
This is 100% correct!!! I processed ~$225k through PayPal last year with under 200 transactions and DID NOT receive a 1099k. I do, however, have my EIN registered with them.


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