Skip to comments.New IRS rules require PayPal to report sales information
Posted on 08/16/2011 6:33:22 PM PDT by Nachum
Due to new IRS rules, PayPal has started asking users to provide their tax ID number, which is either your Social Security number, Individual Tax Identification Number or your Employer Identification Number. PayPal says it will 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 and services 200 payments
So for most occasional PayPal users, this change wont be applicable, but youll still need to enter your tax ID just in case. Although, its important to note that the new law requires PayPals non-US subsidiaries to comply so any non-US account holders may need to certify their non-US status and address. If you dont receive an email from PayPal asking for this, youll be prompted with the following message when you sign into your account.
(Excerpt) Read more at thenextweb.com ...
The list, ping
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Another reason to change this Greedy Government that just can’t get enough money from the productive to give their slug voters.
I choose to limit who gets my SSN so I will not be using Paypal again.
This sounds like a Life Lock commercial.
Miserable fund-sucking leeches!
Sheesh, another privacy invasion.
PayPal will lose customers on this.
The “financial reform” bill was just as devastatingly evil as the health care bill. It slipped through because of the name.
If true, no more pay pal.
Started?? Paypal required my SSN ten years ago. Not for that reason but for a dozen others, I think they and all their senior management should be behind bars. Haven't dealt with them in years but have kept an eye on them. Too many offenses to list. Check out an anti-paypal site and read just a sample.
... Criminals ... [Edited for vehement profanity]
What if someone were to give Paypal a fake number? If they don’t really know who you are in the first place, who would know the wiser?
Then again, I might be naive regarding how Paypal works.
I will never use paypal.
I did use them a couple of times and then - out of the blue - they demanded to have my banking information. That was in addition to my credit card number.
No way would I give my bank information or my SS# to them.
Shove it, PayPal
Due to new IRS rules, PayPal has started asking users to provide their tax ID number, which is either your Social Security number, Individual Tax Identification Number or your Employer Identification Number.
This means Ebay sellers will take a hit.
I think that’s the real target of the IRS.
If you regularly sell items on online auction sites, you may find yourself on the Internal Revenue Service’s radar. Recent legislation aims to help the IRS collect more taxes from online enterprises, many of which either don’t know about their tax obligations or are ignoring them, according to the agency.
The provision, part of the housing rescue package that President George W. Bush is expected to sign within days, will require PayPal and other processors of online payments to report annual gross receipts to the IRS for all but the smallest online merchants.
Big Brother will be in your bedroom next.
The whole system is a farce!
IRS needs to be defunded and abolished. Start by NOT funding in the next CR (1 Oct).
Bye-byte PayPal. I don’t meet those definitions but I don’t want any screwups whereby the next thing you know I’m talking to the IRS because PayPal goofed.