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  #1  
Old 07-10-2014
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Default Question on the 200 transaction or $20,000

Where can I check to see my total account stats for the year that would help me with this. also i just oped this paypal acc. this is a stealth acc so fare i made all most 1000 dollars and it is about 44 payments any help would be great thanks. alos what point showed i stop getting payments like whats number thanks again guys ;]
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Old 07-10-2014
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Default Re: Question on the 200 transaction or $20,000

I know there is a end of year report Paypal can make for you that gives you all the activity for that year. Don't know about checking at any random time since they totally changed their site recently. I am sure someone will be by with the info.

Paypal will send increasingly shrill emails asking you to input tax info. I believe the account will be limited when the transaction AND money limits are passed, though I suppose PP could do it BEFORE that time too.

When you input the info, they let you operate as usual while they verify it, then you are good to go!
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Old 07-10-2014
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Default Re: Question on the 200 transaction or $20,000

When you hit the 200 transaction within 4-5 months, Your screwed and say bye bye to the account, or get it verified with docs. That's if you know someone who can provide you proper documentation for limits to be removed. If you do the 200 transaction nice and slow within the 12 month mark, then your good for an other 100 200 transactions. THATS IF you go slow within a 12 month period. Sell Fast to remove the 21 day hold on funds. all you need is 15-20 positive reviews to have limits removed and you get ebay upgraded to 100 $5000. did I reveal to much? hey have fun and enjoy making money.
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Old 07-10-2014
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Default Re: Question on the 200 transaction or $20,000

Are you talking about ebay sales?

Or off ebay transactions also?
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Old 07-10-2014
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Default Re: Question on the 200 transaction or $20,000

Quote:
Originally Posted by animekings99 View Post
Where can I check to see my total account stats for the year ...
PayPal does allow exporting history, you should be able to find that information there.
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Old 07-12-2014
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Default Re: Question on the 200 transaction or $20,000

You must go through your monthly sales reports. It will tell you for each month how many payments you received. Make a spreadsheet and keep an updated tally for every account you have for the year.

Also one of the other member is right. If you go to hard to fast early in the year PayPal may limit your account for being closed or receiving funds way before 200 transactions.

Spread sales out and use multiple accounts.
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Old 07-12-2014
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Default Re: Question on the 200 transaction or $20,000

Quote:
Originally Posted by animekings99 View Post
Where can I check to see my total account stats for the year that would help me with this. also i just oped this paypal acc. this is a stealth acc so fare i made all most 1000 dollars and it is about 44 payments any help would be great thanks. alos what point showed i stop getting payments like whats number thanks again guys ;]
Rather than leave it for the year's totals, do it monthly off paypal.

Keep in mind if paypal projects your sales will get to the 200/$20,000, IRS tax ID will be required sooner.

Sandy D & I can confirm a user who got asked for ID at a grand total of $5,500 sales.

Be ready.

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Old 07-12-2014
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Default Re: Question on the 200 transaction or $20,000

Quote:
Originally Posted by GreenBean View Post
Rather than leave it for the year's totals, do it monthly off paypal.

Keep in mind if paypal projects your sales will get to the 200/$20,000, IRS tax ID will be required sooner.

Sandy D & I can confirm a user who got asked for ID at a grand total of $5,500 sales.

Be ready.

Just because you get asked for Tax ID is not and end all. It should be a warning sign to slow your roll. Especially this early in the year. Do what GreenBean says and I say. Go through your monthly sales reports. Make a spreadsheet of sales $ and # of items sold. Understand where you are so far based on what a PayPal projection would have you at.

It really isn't rocket science. Get more accounts going if you are selling to much. Learn the system.
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Old 07-12-2014
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Default Re: Question on the 200 transaction or $20,000

thanks everyone for your help and time. see im a little lost on this. if i get like 210 paypal transaction for under 1000$. will paypal lock my paypal acc intill i give them the info they want. see i really don't understand the 200 transaction or $20,000????? if i get more then 200 paypal payments will they lock my paypal acc. even thou its not more then a 1000$ thanks again . if some one could be a little clear on that . that would be great thanks .
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Old 07-12-2014
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Default Re: Question on the 200 transaction or $20,000

http://www.aspkin.com/forums/paypal-...-usa-only.html


This is the thread that first introduced the topic to the forum. It outlines what happened.
Have a read to fill in the gaps.

Since the ruling is 200 items or $20,000, you have the chance of being faced with ID request. I explained that in my reply.

To safeguard yourself, I strongly suggest you also look at

Internal Revenue Service
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  #11  
Old 07-13-2014
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Default Re: Question on the 200 transaction or $20,000

Quote:
Originally Posted by GreenBean View Post
Since the ruling is 200 items or $20,000, you have the chance of being faced with ID request. I explained that in my reply.
OR? I've been under the impression it's AND. Oh boy. *ends all listings*
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Old 07-13-2014
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Default Re: Question on the 200 transaction or $20,000

Quote:
Originally Posted by evicktd View Post
OR? I've been under the impression it's AND. Oh boy. *ends all listings*
Its and Now. You are absolutely right. For my EIN account my 1099k the 2013 tax year was the first year they put the number of transactions on the form. Previous years it was left blank.

2011 and 2012 I had multiple stealth accounts I sold over 300 items on but well under the 20k threshold. Last year I had one account locked from receiving payments and closing the account at 197 payments about $8k.

They way Paypal is treating accounts now is AND not OR as you have said. Probably only to cover their own behind. But it is definitely valuable information regarding how to game plan and run stealth accounts.
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Old 07-13-2014
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Default Re: Question on the 200 transaction or $20,000

Quote:
Originally Posted by vogeltron View Post
Its and Now. You are absolutely right. For my EIN account my 1099k the 2013 tax year was the first year they put the number of transactions on the form. Previous years it was left blank.

2011 and 2012 I had multiple stealth accounts I sold over 300 items on but well under the 20k threshold. Last year I had one account locked from receiving payments and closing the account at 197 payments about $8k.

They way Paypal is treating accounts now is AND not OR as you have said. Probably only to cover their own behind. But it is definitely valuable information regarding how to game plan and run stealth accounts.
vogeltron, the way you're explaining the "and/or situation" makes it seem that you believe that it is "OR" and not "AND".

The term "AND" means that the two thresholds are complimentary. ie: 100 sales and $22K for 2013 means you do not get issued a tax form from pp; 220 sales and $12K for 2013 you do not get issued for a tax form from pp; 220 sales and $12K for 2013, you get issued a tax form from pp.

the term "OR" means that the two are mutually exclusive and surpassing either will trigger a tax form by pp. ie: 100 sales/$22K for 2013 you get issued a tax form; 220 sales/$12K you get issued a tax form;220 sales and $12K for 2013 you get issued a tax form.

SOUNDS LIKE it's the latter. Please confirm. I'm at just about 198 transactions and haven't hit the 20K mark yet and would like to fill it up if possible on one of the accnts.
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Old 07-13-2014
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Default Re: Question on the 200 transaction or $20,000

Quote:
Originally Posted by evicktd View Post
vogeltron, the way you're explaining the "and/or situation" makes it seem that you believe that it is "OR" and not "AND".

The term "AND" means that the two thresholds are complimentary. ie: 100 sales and $22K for 2013 means you do not get issued a tax form from pp; 220 sales and $12K for 2013 you do not get issued for a tax form from pp; 220 sales and $12K for 2013, you get issued a tax form from pp.

the term "OR" means that the two are mutually exclusive and surpassing either will trigger a tax form by pp. ie: 100 sales/$22K for 2013 you get issued a tax form; 220 sales/$12K you get issued a tax form;220 sales and $12K for 2013 you get issued a tax form.

SOUNDS LIKE it's the latter. Please confirm. I'm at just about 198 transactions and haven't hit the 20K mark yet and would like to fill it up if possible on one of the accnts.
Last year it was "OR" the are mutually exclusive now. If you get too close to 200 Transactions or get too close to $20k.

The previous years it was "AND".

I plan on stopping all my my accounts at 195 sales.

Last year on all my I got the first request from PayPal then I got second email when I got closer. The one time I got the third reminder it was the death nail for the account. They locked it from receiving payments and closing the account.

This is my speculation but I think they are limiting accounts before people hit either threshold so they are not liable.
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Old 07-13-2014
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Default Re: Question on the 200 transaction or $20,000

Lets make it simple as I have posted this many times.

I have an extremely good cpa who told me this.

At first it was 200 and 20k. Paypal missed lots of people and the irs came down on them for it.

then paypal to save their butts started looking at accounts that had the "potential" of meeting those requirements.

So any random account can get the request at any time as witnessed by several reporting they did as low as 5000.00 in sales.
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Old 07-13-2014
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Default Re: Question on the 200 transaction or $20,000

Quote:
Originally Posted by vogeltron View Post
Last year on all my I got the first request from PayPal then I got second email when I got closer. The one time I got the third reminder it was the death nail for the account. They locked it from receiving payments and closing the account.

This is my speculation but I think they are limiting accounts before people hit either threshold so they are not liable.
It was stated in another thread that a user's account was locked, but he logged in after tax docs got sent out the following year and it was unrestricted and able to take payments again. Have you had a similar experience, or is the locked account this year? Obviously, you'd have to wait until Jan 2015 to see if they remove the lock on your account if that's the case.
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Old 07-14-2014
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Default Re: Question on the 200 transaction or $20,000

Quote:
Originally Posted by evicktd View Post
It was stated in another thread that a user's account was locked, but he logged in after tax docs got sent out the following year and it was unrestricted and able to take payments again. Have you had a similar experience, or is the locked account this year? Obviously, you'd have to wait until Jan 2015 to see if they remove the lock on your account if that's the case.
I believe you were reading my post. Yes, I have had accounts locked twice. Once in Dec 2012 for getting at $19k in sales for the year. It was reinstated at the end of January 2013. Then a different account last year 2013 at like 197 sales and only 6-8k in sales. It was reinstated again near the end of January 2014.

I never plan on getting that close on any of my accounts again. Who knows if PayPal if will keep giving the accounts back. I personally plan on stopping at like 190 sales for the year and make sure they are spread out so I am not to high early in the year. For example if it is July and I had 160 payments received I would put that account aside until Nov or December. Then list again.

Last edited by vogeltron; 07-14-2014 at 02:11 AM.
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Old 07-14-2014
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Default Re: Question on the 200 transaction or $20,000

Quote:
Originally Posted by vogeltron View Post
I believe you were reading my post. Yes, I have had accounts locked twice. Once in Dec 2012 for getting at $19k in sales for the year. It was reinstated at the end of January 2013. Then a different account last year 2013 at like 197 sales and only 6-8k in sales. It was reinstated again near the end of January 2014.

I never plan on getting that close on any of my accounts again. Who knows if PayPal if will keep giving the accounts back. I personally plan on stopping at like 190 sales for the year and make sure they are spread out so I am not to high early in the year. For example if it is July and I had 160 payments received I would put that account aside until Nov or December. Then list again.
This is what I have done for a couple of years now and works well for me. I just dont stretch it to 190 as they are looking at "projected" now.
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Old 07-14-2014
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Default Re: Question on the 200 transaction or $20,000

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
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  #20  
Old 07-14-2014
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Default Re: Question on the 200 transaction or $20,000

hi i just waned to say thanks every one for your help . you are all very nice ppl on here and thanks again i hope you all have a great night / day ;]
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Old 07-15-2014
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Default Re: Question on the 200 transaction or $20,000

I was hit with the provide EIN/SS at 180 sales <4k sales within the first 3 months. Seems i need to slow my roll some how on the number i sell, but that will be hard to do as i sell in quantity not in more monetary price for those accounts.
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Old 07-16-2014
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Default Re: Question on the 200 transaction or $20,000

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I was hit with the provide EIN/SS at 180 sales <4k sales within the first 3 months. Seems i need to slow my roll some how on the number i sell, but that will be hard to do as i sell in quantity not in more monetary price for those accounts.
It the number of Payments received that PayPal looks at the most. Might consider selling in lots. If that fits your product I have no idea.

That is one of the main problems with the newer restrictions on PayPal accounts. If you sell low value items you get to the 200 items quickly with low sales dollars. Depending on how you run the accounts sometimes hard to justify even having them.
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