IRS Changes...notice from PayPal today

[OldSchoolBaseball]

Anyone else get notification from PayPal regarding IRS reporting starting this year? Thoughts? Does this exclude "gift" payments?

Dear David,

Starting this year, a new IRS rule requires all U.S. payment providers, including PayPal, to report sales information to the IRS about certain customers who receive payments for the sale of goods or services.

Under the new rule, PayPal is required to report the total payment volume received by PayPal accounts in the U.S. that:

· Receive more than $20,000 in gross payment volume from sales of goods or services in a single year, AND· Receive more than 200 payments in the same year.

To ensure sales information is accurately reported, PayPal will ask affected sellers to update their account information by providing a Tax Identification Number. Sellers can provide either a Social Security Number (SSN) or Employer Identification Number (EIN).

What do I need to do?

Update your PayPal account with your Tax Identification Number by:

1. Calling into PayPal at 1-888-215-5506 or

2. Faxing your information to 402-537-5733

To fax your TIN information to PayPal, please send an official IRS document that contains your full name or business name and full SSN or EIN number. Please include your email address on the fax, and a cover sheet that states, “This fax is to add SSN/EIN for IRS initiative.”

Questions?

PayPal is here to help. Please visit paypal.com/irs today for more information about the new rule. Check the site regularly as we’ll be adding helpful information throughout 2011. Learn More.

We appreciate your business and look forward to a continued partnership.

PayPal

1-888-215-5506




© 2011 PayPal Inc. All rights reserved. PayPal is located at 2211 N. First St., San Jose, CA 95131.

[LanceRoten]

20 large? no affect on this cowboy lol. i'd be withdrawing and buying left and right to keep that amount money out of the thieves hands. Unless paypal decided to rob, er, remove funds from my checking account i've never had more than $300 in there at one time and maybe totaled $4000 in sales in my best year. which in all honesty the IRS doesn't need to know about LOL

[shaunsteig]

Thought I had seen this brought up previously on the board:
http://www.net54baseball.com/showthread.php?t=130523
Still an important reminder that big brother is always watching...

[buymycards]

I didn't receive this message. Could it possibly be that the email was sent to customers who fall into the category of $20k in sales and 200 transactions?

Rick