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Old 07-25-2012, 10:29 PM   #1 (permalink)
I like Guns and Cigars.
 
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Location: MO

New Paypal/IRS requirements

I got this email from Paypal tonight:

Dear XXX,

We're asking for your tax ID number due to new IRS rules. Your tax ID
number is one of these:

- Your Social Security number
- Your Individual Tax Identification Number
- Your Employer Identification Number

We'll 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 or services
- 200 payments for goods or services

We want to help you continue to sell with PayPal and to avoid any
interruption to your account. It's easy here's how:

1. Log in to your PayPal account.
2. A message will appear asking you to update your information.
3. Click Provide Now.

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

We appreciate your help in complying with these IRS rules. For more
information, see our FAQs on the IRS reporting requirements:
www.paypal.com/irs

Sincerely,
PayPal


This is a big bummer! I have to crunch the numbers, but it could spell the end for my garage sales on MCB.
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Old 07-25-2012, 10:32 PM   #2 (permalink)
I like Guns and Cigars.
 
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After I did some more digging, it appears this is old news. It is the first I have heard about it, though.
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Old 07-25-2012, 10:33 PM   #3 (permalink)
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Eh, you gotta be careful with this kind of stuff. It may be spam, and you don't want to help spammers out any. Usually their good enough as it is, they don't need help from the uninformed target.
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Old 07-25-2012, 10:33 PM   #4 (permalink)
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This is not spam
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Old 07-25-2012, 10:34 PM   #5 (permalink)
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Just sayin'. I got an email once from "PayPal" that turned out to not be PayPal. Just giving you a heads up.
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Old 07-25-2012, 10:50 PM   #6 (permalink)
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Yeah, they started this last year...

You will get a 1099 in the mail along with a statement from paypal that says...

You sold $XX,XXX amount of goods last year...

We have forwarded this informatiom to the IRS, please have your taxes in order to avoid any unnecessary penalties...

Last edited by Endangered Customs; 07-25-2012 at 11:00 PM.
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Old 07-25-2012, 10:52 PM   #7 (permalink)
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It's not spam and it's not new. Obviously you don't want to blindly click on the links in the email but you should also get prompted when you login to paypal. I got this quite a while back. Unfortunately they're trying to run a legit business so they have to follow certain IRS guidelines.

What probably triggered it was a decent month of sales putting you in as someone who might reach the limits. You should probably thank them as they let you know ahead of time to keep an eye on your transaction count and dollar amounts. Do note though that it's supposed to be an AND.... (taken off the site) but who knows....

These new rules apply to sellers who receive over $20,000 in gross payment volume AND over 200 separate payments in a calendar year
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Old 07-25-2012, 11:23 PM   #8 (permalink)
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Quote:
Originally Posted by maggot View Post
This is a big bummer! I have to crunch the numbers, but it could spell the end for my garage sales on MCB.

i figured this would happen since congress made noises a few years back about ebay sales.
now that ebay owns paypal it was gonna happen soon.

when i was doing large sales, all the bigger payments had to be via money order.
if some of you remember my penchant for MO's it was because of this paypal/IRS eventuality...
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Old 07-26-2012, 01:12 AM   #9 (permalink)
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I don't believe this is a Canadian issue. Not that I have sold that much, but i have never heard of that being done in Canada.
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Old 07-26-2012, 01:57 AM   #10 (permalink)
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I got a notice the other day when I tried to add funds to my paypal that they wouldn't let me until I provided some form of id or something...
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