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- PayPal Talk
( https://www.aspkin.com/forums/paypal-talk/)
jrandleww | 09-27-2015 02:25 PM | Did not provide PP with Tax ID info I was asked by PP on 8/11/2015 to provide tax id info but i did not. I was asked again a month later. I have never provided them with tax id info and and when I log in to PP I get the reminder screen with the ability to select "ask me later".
I just noticed the message below on this reminder screen. We've asked you before to provide your tax ID number due to new IRS rules, but we haven't heard from you. Until you provide your tax ID number, you will be unable to close your account.
Please provide this information today in order to remove the limitation on your account.
You can find more information about the new tax rules and why we're asking for this information at www.paypal.com/irs.
I am still able to use EB and PP normally and I have done over 200/20k in sales. I made a sale today and also withdrew money today.
Is this the norm? |
dealagreeproceed | 09-27-2015 02:37 PM | Re: Did not provide PP with Tax ID info seen similar thing actually... we ll see...:ballchain: |
yankee | 09-27-2015 02:56 PM | Re: Did not provide PP with Tax ID info It is late in the year but not so late that they wont limit your account for break b0th the threshholds. |
jeffweico | 09-27-2015 03:01 PM | Re: Did not provide PP with Tax ID info This sounds like a PayPal glitch. But you are playing with fire here. Remember, this is not PayPal's decision, it is an IRS Rule. The same rules that state they have to collect your tax information also state that if they fail to do so, they have to withhold like 30% (I am unsure of the exact percentage, but it is high) of your sales and turn it over to the IRS. You can then later file and get part of that money back if it is your real account, of course, that is not the problem. The problem happens when you log into PayPal and find out that all of your money is locked up to be turned over to the IRS. Once it is turned over, it will be turned over under the STEALTH NAME and then you will never see that money again.
I would just give them an EIN. |
Maliquest | 09-27-2015 04:28 PM | Re: Did not provide PP with Tax ID info Id let this account sit until 2016.
Create a new account. No reason to let money sit in paypal if they limit your withdrawl amount or even lock it out.
Im almost to that point where my actual pp account is close to the 18k mark |
yankee | 09-27-2015 04:35 PM | Re: Did not provide PP with Tax ID info Quote:
Originally Posted by Maliquest
(Post 709044)
Id let this account sit until 2016.
Create a new account. No reason to let money sit in paypal if they limit your withdrawl amount or even lock it out.
Im almost to that point where my actual pp account is close to the 18k mark | A tax limitation only blocks RECEIVABLES. You can still withdraw.
Just wanted to clear that up. |
Harvin | 09-27-2015 07:11 PM | Re: Did not provide PP with Tax ID info Quote:
Originally Posted by Maliquest
(Post 709044)
Id let this account sit until 2016.
Create a new account. No reason to let money sit in paypal if they limit your withdrawl amount or even lock it out.
Im almost to that point where my actual pp account is close to the 18k mark | What do you mean you will let account sit until 2016? You mean I can use my ebay to sell with my limited paypal account because the sales will go back to 0/$0? |
yankee | 09-27-2015 07:51 PM | Re: Did not provide PP with Tax ID info Quote:
Originally Posted by Harvin
(Post 709071)
What do you mean you will let account sit until 2016? You mean I can use my ebay to sell with my limited paypal account because the sales will go back to 0/$0? | Yes.
It is Tax Year to Tax Year |
jeffweico | 09-27-2015 08:20 PM | Re: Did not provide PP with Tax ID info Quote:
Originally Posted by yankee
(Post 709049)
A tax limitation only blocks RECEIVABLES. You can still withdraw.
Just wanted to clear that up. | TRUE, but if you have passed the threshold, then PayPal is supposed to withhold 30% of your funds, which I cannot see them NOT doing since it is an IRS rule. If that happens, I don't think you will be able to withdraw anything. It has never happened to me, so maybe I'm wrong, but I don't see PayPal putting themselves in a position where they will have to hand over thousands of dollars to the IRS on your behalf and still let you keep withdrawing funds. It makes no sense. |
yankee | 09-27-2015 08:29 PM | Re: Did not provide PP with Tax ID info Pretty much if you break both thresholds they limit your account from receiving, so they have nothing to hold.
I only have done this 16 times this year but every time it just blocks income and therefore have nothing to forward to the IRS. |
Harvin | 09-27-2015 08:31 PM | Re: Did not provide PP with Tax ID info Quote:
Originally Posted by yankee
(Post 709086)
Yes.
It is Tax Year to Tax Year | I got limited paypal this month because I didn't provide ein,ssn or tin. My question is is it going to be ok on january 2016 or on september 2016 and Can I use my ebay normally? Because I can't sell on ebay because I have limited paypal. |
yankee | 09-27-2015 08:34 PM | Re: Did not provide PP with Tax ID info Quote:
Originally Posted by Harvin
(Post 709089)
I got limited paypal this month because I didn't provide ein,ssn or tin. My question is is it going to be ok on january 2016 or on september 2016 and Can I use my ebay normally? Because I can't sell on ebay because I have limited paypal. | In past years you get a reset in January. Sometimes the request will still show for months but you can start receiving payments again. I am guessing that has not changed. |
Harvin | 09-27-2015 08:38 PM | Re: Did not provide PP with Tax ID info Quote:
Originally Posted by yankee
(Post 709090)
In past years you get a reset in January. Sometimes the request will still show for months but you can start receiving payments again. I am guessing that has not changed. | nice to know. So I guess I should make a new stealth account because I cant receive payments because of the 200,$20,000 limit. Did you know if someone just called paypal for alternative of giving ssn,tin or ein? What did they tell them? |
yankee | 09-27-2015 08:41 PM | Re: Did not provide PP with Tax ID info Quote:
Originally Posted by Harvin
(Post 709092)
nice to know. So I guess I should make a new stealth account because I cant receive payments because of the 200,$20,000 limit. Did you know if someone just called paypal for alternative of giving ssn,tin or ein? What did they tell them? | You can give them an EIN.
It is the IRS law. No way of getting around it.
Run multiple accounts and on really good accounts that you expect to last add an EIN.
Not many if any other options. |
Harvin | 09-27-2015 08:53 PM | Re: Did not provide PP with Tax ID info |
jjjjj | 09-27-2015 09:26 PM | Re: Did not provide PP with Tax ID info Ein is free. The 75$ seems like you're just paying them to file it for you |
yotano211 | 09-27-2015 09:30 PM | Re: Did not provide PP with Tax ID info Quote:
Originally Posted by Harvin
(Post 709096)
| Never, I mean NEVER pay for an EIN.
Getting an EIN is free when you do it from the IRS website. It takes me about 4 minutes with a slow throttled phone tethering of 128k/ps speed. And most of that is filling out the info.
You dont need to get an account to tell you that you need an EIN, you only need a accountant on what type of company you should start, like a LLC or Inc. |
yankee | 09-27-2015 09:31 PM | Re: Did not provide PP with Tax ID info EIN is free.
Registering with your state is not. You can delay this process for up to one year.
Picking your EIN entity is important and I strongly suggest consulting your accountant. Odds are a simple LLC multi member will be ideal. |
himaster | 09-27-2015 09:35 PM | Re: Did not provide PP with Tax ID info So far you cannot do anything with EIN.
In order to upgrade to EIN, you need to up to business. But now your account is limited. You cannot up to business
The only choice is SSN and ITIN
Otherwise, it's unable to receive payments |
jeffweico | 09-27-2015 09:36 PM | Re: Did not provide PP with Tax ID info Quote:
Originally Posted by Harvin
(Post 709096)
| The first link is to a for-profit company that wants people to believe they have to PAY THEM to file it. Don't! Use the second link instead.
Or, send me all of your information along with $74.99 and I will be happy to go to the IRS site and type it in for you.
:pound:
This is a joke, I do not set up EIN's! |
jeffweico | 09-27-2015 09:40 PM | Re: Did not provide PP with Tax ID info And WOW does that website need to be put out of business!
They make it look pretty official and claim that the $75 is an "EIN Application FEE".
They should be forced by law to post that the IRS does NOT charge for EIN's and that they are selling their services.
That website is deceptive as hell! |
yankee | 09-27-2015 09:41 PM | Re: Did not provide PP with Tax ID info Quote:
Originally Posted by himaster
(Post 709101)
So far you cannot do anything with EIN.
In order to upgrade to EIN, you need to up to business. But now your account is limited. You cannot up to business
The only choice is SSN and ITIN
Otherwise, it's unable to receive payments |
Simple fix with a phone call to paypal.
Upgrade and add your EIN. | All times are GMT -5. The time now is 01:26 AM. | |
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