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  #1  
Old 10-06-2014
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Default Paypal limitation

So i have currently received this message from paypal

----------------------------------------------------------------------
Second reminder: Avoid limitations to your PayPal account. Please provide
your Tax ID number
----------------------------------------------------------------------


Dear xxxxxxx,

We still have not received your Tax ID number. Please provide your Tax ID
number to comply with Internal Revenue Service (IRS) rules. Your Tax ID
number is one of these:

- Your Social Security Number (SSN)
- Your Individual Tax Identification Number (ITIN)
- Your Employer Identification Number (EIN)

We are required to obtain Tax ID numbers from all online sellers who
receive payments for goods or services through PayPal. If you do not
provide us with your Tax ID number, your account access will be limited,
and you will be unable to request or receive money.

After you provide your Tax ID number, your account will be fully
functional. Here's how to submit your Tax ID number:

1. Log in to your PayPal account.

2. A message will appear asking you to update your information.

3. Click Provide Now and follow the instructions.

If you have multiple PayPal accounts, repeat these steps for each account.

We'll use your Tax ID number to send tax Form 1099-K to you and the IRS
when the payments you receive meet the 1099-K reporting thresholds for the
calendar year. For more information, please see our FAQs on the IRS
reporting requirements: www.paypal.com/irs.

We appreciate your help in complying with these IRS rules.

Sincerely,
PayPal


does this indicate that i can't use my account anymore? could i also just wait a year for it to refresh the selling threshold? i've only sold 187 items at the moment but wasn't nearly close reaching 20k. also this is a ghost paypal/ebay. the ebay currently has 100/5000 limit. is there a way that i could still use the ebay account? i need help and options.
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  #2  
Old 10-06-2014
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Default Re: Paypal limitation

Get an EIN. Add it to the PayPal
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Old 10-06-2014
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Default Re: Paypal limitation

Quote:
Originally Posted by melvinp View Post
So i have currently received this message from paypal

----------------------------------------------------------------------
Second reminder: Avoid limitations to your PayPal account. Please provide
your Tax ID number
----------------------------------------------------------------------



does this indicate that i can't use my account anymore? could i also just wait a year for it to refresh the selling threshold? i've only sold 187 items at the moment but wasn't nearly close reaching 20k. also this is a ghost paypal/ebay. the ebay currently has 100/5000 limit. is there a way that i could still use the ebay account? i need help and options.
2nd reminders should not be ignored if you want to go on using the account.


paypal projects what is sold so if it appears you may reach the threshold, they ask for Tax ID.

Get an EIN stat.
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Old 10-06-2014
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Default Re: Paypal limitation

PP has been known to limit accounts based on PROJECTED sales (rate of sales)
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Old 10-06-2014
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Default Re: Paypal limitation






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  #6  
Old 10-06-2014
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Default Re: Paypal limitation

Quote:
Originally Posted by GreenBean View Post
2nd reminders should not be ignored if you want to go on using the account.


paypal projects what is sold so if it appears you may reach the threshold, they ask for Tax ID.

Get an EIN stat.
If i do get an EIN would i need to record what i sell and pay taxes? Also it wont link with mismatched names? How should i attempt to make one? I know where to go to make one but what options should i fill in? It's my own little vaping brand that sell for 5-9 dollars a piece.
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  #7  
Old 10-06-2014
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Default Re: Paypal limitation

You need to pay taxes on anything you earn.

You will need to talk to an accountant for the details of how much
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Old 10-06-2014
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Default Re: Paypal limitation

Quote:
Originally Posted by JamesNorth101 View Post
You need to pay taxes on anything you earn.

You will need to talk to an accountant for the details of how much
Do i need to talk to an accountant on setting up an EIN also?
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  #9  
Old 10-06-2014
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Default Re: Paypal limitation

This seems to be a fairly common question around here. To sum it up, if you earn income - regardless of the level - and are in the US, Unc Sammy wants to know and wants his cut. He gets nasty when he doesn't get it. That is a hard and fast rule, not a suggestion. It WILL happen. They WILL come for you.

Getting an EIN is easy on IRS.gov. An accountant can help with the rest.

Ste/alth is not to dodge one's responsibility for taxes. Period.
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Old 10-06-2014
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Default Re: Paypal limitation

If you want to create additional eBay accounts is it better to just have additional EIN's i.e. create additional LLC's rather than trying to create multiple user accounts?

I would think with the multiple user accounts (in the US) you will have a problem with PayPal verification when they start asking for SSN's for tax identification purposes. Am I correct?
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