Unless you're upset about the idea of verifying info that you've already given Paypal, it's not really that big of a deal. Just take a photo of your documents and send them electronically to Paypal. The Feds probably think that people are laundering and moving illegal cash through Paypal on accounts with bogus info. And they're probably right.
My issue is that my PayPal account is already tied to my bank account, which shows legitimacy, and I don't want my full legal name associated with every transaction I do for a piece of used gear, something bought on eBay, etc. That information going to a business is fine, but even my credit card uses my common name and not my full legal name. PayPal is not even offering that. I prefer to not have my info out there for something that is more common than money laundering....identity theft.Originally Posted by landscraper75
"Internal Revenue Code (IRC) Section 6050W states that all US payment processors, including PayPal, are required by the Internal Revenue Service (IRS) to provide information to the IRS about certain customers who receive payments for the sale of goods or services through PayPal. PayPal is required to report gross payments received for sellers who receive over $20,000 in gross payment volume AND over 200 separate payments in a calendar year."
https://cms.paypal.com/us/cgi-bin/ma...ng_us/IRS6050W
Basically, PayPal is required to send a 1099K to the account holder and IRS if the threshold is met -- Hence the need for SSN OR Fed Tax ID.
Hope that helps.
Last edited by Spiffy; 01-10-2013 at 01:53 PM.
I agree with that sentiment completely. I didn't see where it said that your name would be given now instead of your email, but I honestly didn't read it that well. Unfortunately, everyone pays the price for the deeds of the few, especially when the Federal authorities are involved. Personally I'd prefer to do all of my business in cash, but that's just not that easy to do anymore.
paypal asked me for all that information back in the summer when i had issues sending Matt Payment for my MP Bowie. i ended up opting for moneyorder. theres enough places out there with my information. paypal isnt getting it aswell.
thanks for the heads up GUY, ive told my dad about this a few times but he had not yet been prompted for all this info on his account yet. guess he will soon
Don't be surprised at the ever growing tide of red tape. America voted for it.
UGH. I was actually hoping it was a phishing scam trying to steal ID's.
Sorry Guy.
You are just seeing the beginning!!
A lot more to come.
There are two groups after your info,thieves and the "Guvment".
flaviln
Last edited by flaviln; 01-10-2013 at 02:21 PM.
It is not shameful to grow old,but it is inconvenient.
C-PAP COMMANDO
I love paypal. I have had no issues ever. That being said I don't see myself fitting that criteria.
In the event I have to cancel it, I will use my banks visa card. It has great protection and is 4% which I usually pay off before any accrues.
Besides, nobody can get blood from a stone right?
To my understanding, this has been practice for some time. My roomamte used to sell and buy on Ebay all the time. He got 1099's. As much as i think paying taxes on domestic purchases is criminal, this should be no surprise to anyone. Also, when a person wins a bid that i posted, i get an email with there name and address. I have NO access to thier credit card/bank account. Of course PayPal has access to all of your account information, you gave it to them. And why wouldn't PayPal report to the IRS? They are company operating in America arent they? What am i missing?
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