Paypal reporting income to IRS

Discussion in 'Off Topic Discussion' started by ASSEMbler, Aug 17, 2011.

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  1. ASSEMbler

    ASSEMbler Administrator Staff Member

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    ----------------------------------------------------------------------
    Please provide your tax ID number ----------------------------------------------------------------------
    Dear Kevin, 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 and services - 200 payments 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.
     
    Last edited by a moderator: Aug 17, 2011
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  2. GodofHardcore

    GodofHardcore Paragon of the Forum *

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    Time to cancel pay pal
     
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  3. sneakypeanut

    sneakypeanut Pika CHUUUUUU!!!

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    well i guess im fucked aswell then, we use paypal in my family to transfer money between us as we all live in different countries, so i dont think there see it very kindly and limit my account again :/
     
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  4. Gamer of the Ages

    Gamer of the Ages Robust Member

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    This is why having just a ~20% sales tax on everything would be a good thing. And what if you do make both those milestones, how much of it gets taxed, or how does it work?
     
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  5. GodofHardcore

    GodofHardcore Paragon of the Forum *

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    Time to start using western union
     
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  6. Gamer of the Ages

    Gamer of the Ages Robust Member

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    Do any of them live in America? If not then what are they gonna do, tax EVERYONE using Paypal?
     
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  7. sneakypeanut

    sneakypeanut Pika CHUUUUUU!!!

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    1 is in aus and i tend to transfer money between my parents and me using paypal
     
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  8. ASSEMbler

    ASSEMbler Administrator Staff Member

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    Moneybookers here I come I suppose.
     
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  9. Gamer of the Ages

    Gamer of the Ages Robust Member

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    Well then you shouldn't be taxed, hopefully.
     
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  10. sneakypeanut

    sneakypeanut Pika CHUUUUUU!!!

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    <--- i think my profile picture says it all :p
     
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  11. Vosse

    Vosse Well Known Member

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    Man, I remember them saying something like they would do this a while ago but now they are really doing it.

    Fucking US Government.
    Trying to take ownership and money and shit from which it does NOT OWN. I wonder if they would still try to do this if you lived on a small deserted island just out side the US Border lolol
     
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  12. Trenton_net

    Trenton_net AKA SUPERCOM32

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    People could always migrate to bit coins.
     
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  13. ASSEMbler

    ASSEMbler Administrator Staff Member

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    MOVE TO NON US PAYMENT SYSTEM IMMINENT
     
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  14. WolverineDK

    WolverineDK music lover

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    Fucking control freaks, and Patriot act bullshit. So much for the free world, hell I do not think any of you who buys or sells games and accessories are cheating on your tax stuff, so what paypal does, reminds me of back in the day when paypal and what not froze peoples money they have sent to wikileaks. Pretty fucked up. So if we cross the line, in this thread, then move our posts to the unmoderated thread. Well, at least when I do business with people I have already paid my taxes and paid for the currency.
     
    Last edited: Aug 17, 2011
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  15. Rogue

    Rogue Intrepid Member

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    The same happened in Brasil.

    In the middle of July they said, "you have 12 days to confirm your information" and later "your account was restricted, please log in and insert your CPF [brazilian fiscal number] according to brazilian laws..."

    I really thought the "you have 12 days..." email was spam, lol
     
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  16. HCK

    HCK Intrepid Member

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    Yeah, PayPal is evil. Except for their floating city... but even that is built on the back of the insane fees they charge everyone.
     
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  17. Lum

    Lum Officer at Arms

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    Uh right. Where the **** would I get $20,000 worth of goods to sell? If I'm reading that correctly, it won't be the slightest of a problem for me yet.
     
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  18. thelastuser

    thelastuser Peppy Member

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    Pff don't sweat it.

    Claim a LOSS.... 1099? ya I love em claim exorbitant home office expense and list products sold at a loss.

    Fuck taxes man
     
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  19. HCK

    HCK Intrepid Member

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    Look at the bigger picture.... it starts there. The end game is that every cent that passes through PayPal will need to be accounted for.

    US is desperate for cash.
     
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  20. GodofHardcore

    GodofHardcore Paragon of the Forum *

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    again

    Western Union

    or just use bearer bonds (don't)
     
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