New IRS rules require PayPal to report sales information
Excerpt:
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.
Read more here:
http://thenextweb.com/insider/2011/08/16/new-irs-rules-require-paypal-to-report-sales-information/
I have been waiting for this to happen for years.
Doesn't seem like it going to affect most people.
Yet.
J
-
Ninety percent of politicians give the other ten percent a bad reputation. -
Henry Kissinger
Politicians are people who, when they see light at the end of the tunnel, go
out and buy some more tunnel. - John Qui
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