PayPal now asking for your Tax Info. Seems those wars are strating to cost! - GoFuckYourself.com

pornguy · 10-07-2011, 10:59 AM

Now Paypal is asking for Tax ID info.. I guess the wars are catching up and they want the money.

Lots of people are going to get slammed this way.

seeandsee · 10-07-2011, 11:02 AM

US tax system probably want to know that...

onedree · 10-07-2011, 11:03 AM

To launch a new account ... ?

I just logged on and wasn't advised to supply any additional financial info ...
They do have my banking #'s so perhaps that is why ...

MaDalton · 10-07-2011, 11:04 AM

whoever thought that Paypal is a safe way for tax evasion until now was wrong anyways

pornguy · 10-07-2011, 11:04 AM

It came up when we logged in. Are you in the US? Not sure whats going on with it.

pornguy · 10-07-2011, 11:05 AM

paypal.com/irs

https://cms.paypal.com/us/cgi-bin/ma...ng_us/IRS6050W

Some of you wont have to worry about it as you are not moving enough.

onedree · 10-07-2011, 11:11 AM

Quote:

Originally Posted by pornguy

It came up when we logged in. Are you in the US? Not sure whats going on with it.

I reside the US ...
I have been associated with Pay Pal and E-Bay for many many years now ...

I just logged on and my limits are still approved ...

cherrylula · 10-07-2011, 11:14 AM

Only if you do 20k or more in a year...

But this is no surprise? Who the hell is dumb enough to hide paypal revenue?

pornguy · 10-07-2011, 11:15 AM

Quote:

Originally Posted by onedree

I reside the US ...
I have been associated with Pay Pal and E-Bay for many many years now ...

I just logged on and my limits are still approved ...

Did you see the link to the IRS page? You have to do X $ in sales or transactions.

Might be that you have not hit the limit this year.

AzteK · 10-07-2011, 11:18 AM

I pay taxes on my Paypal anyways. It doesn't matter.

pornguy · 10-07-2011, 11:20 AM

We pay on over all income as well so it wont effect us but I know a lot of people use them like Epass.

topsiteking · 10-07-2011, 11:21 AM

Quote:

Originally Posted by cherrylula

Only if you do 20k or more in a year...

But this is no surprise? Who the hell is dumb enough to hide paypal revenue?

Never was an issue.
But,I never was receiving "over $20,000 in gross payment volume AND over 200 payments"

96ukssob · 10-07-2011, 11:34 AM

Quote:

Originally Posted by pornguy

Now Paypal is asking for Tax ID info.. I guess the wars are catching up and they want the money.

Lots of people are going to get slammed this way.

paypal is a great way to launder money. people selling goods and services all day long and there is no records that get sent to the IRS. I have friends that only do business on paypal and make $100k+ but only report they make about $15,000 a year in taxes

DWB · 10-07-2011, 11:41 AM

Quote:

Originally Posted by pornguy

We pay on over all income as well so it wont effect us but I know a lot of people use them like Epass.

Can't you file for Foreign Income Exclusion? Get over 90k tax break.

blackmonsters · 10-07-2011, 12:02 PM

Quote:

Originally Posted by bossku69

paypal is a great way to launder money. people selling goods and services all day long and there is no records that get sent to the IRS. I have friends that only do business on paypal and make $100k+ but only report they make about $15,000 a year in taxes

That's only the same as running a pizza place and throwing out the cash register
receipts.

So it's not like paypal has some kind of system that is helping people hide money more
than any other business.

pornguy · 10-07-2011, 12:12 PM

Quote:

Originally Posted by DWB

Can't you file for Foreign Income Exclusion? Get over 90k tax break.

No the money has to be earned OUTside the US. What we do earn from outside is excluded.

cherrylula · 10-07-2011, 12:13 PM

Quote:

Originally Posted by bossku69

paypal is a great way to launder money. people selling goods and services all day long and there is no records that get sent to the IRS. I have friends that only do business on paypal and make $100k+ but only report they make about $15,000 a year in taxes

Not anymore!

IllTestYourGirls · 10-07-2011, 12:14 PM

// edit, nevermind, I don't do 200 payments a year.

porno jew · 10-07-2011, 12:15 PM

Quote:

Originally Posted by bossku69

paypal is a great way to launder money. people selling goods and services all day long and there is no records that get sent to the IRS. I have friends that only do business on paypal and make $100k+ but only report they make about $15,000 a year in taxes

that is stupid. paypal would hand over that info in a heartbeat if asked by the irs, like ebay did to revenue canada for all canadian power sellers.

Chris · 10-07-2011, 12:36 PM

they told everyone about that a few years ago when the laws changed that this coming up tax season it would apply

onedree · 10-07-2011, 12:53 PM

Quote:

Originally Posted by pornguy

Did you see the link to the IRS page? You have to do X $ in sales or transactions.

Might be that you have not hit the limit this year.

Yes I fully understand ... I exhaust a considerable amount of finances through Ebay / Pay Pal ...

Eg :

Purchased my Boehm Ram
( http://boehmporcelain.com/ )
Extremely expensive ...

I purchased this peice for $500.00 from E-Bay and it is estimated at around $3500.00
...

Not to mention the antique Brunswick radio it is sitting on for $300.00
(Est value $700.00)

So I am not to sure of additional tax info that is needed on individuals that are very well established with pay Pal ...

Eyeball · 10-07-2011, 01:20 PM

If only Paxum/payoneer and other evasion methods were forced to comply.

Barry-xlovecam · 10-07-2011, 01:30 PM

Quote:

http://www.auctionbytes.com/cab/abu/...03/abu0258/s03
IRS to Track Online Sellers' Payment Transactions

Providing Your Tax ID Number to Processors
Merchants will have to provide their federal tax identification numbers to the companies processing their transactions. If they fail to do so, they may become subject to "backup withholding," which means these companies will have to deduct and withhold income tax from reportable payments. Backup withholding won't go into effect until 2012.

Makes sense but unknown source

pornguy · 10-07-2011, 01:41 PM

Quote:

Originally Posted by onedree

Yes I fully understand ... I exhaust a considerable amount of finances through Ebay / Pay Pal ...

Eg :

Purchased my Boehm Ram
( http://boehmporcelain.com/ )
Extremely expensive ...

I purchased this peice for $500.00 from E-Bay and it is estimated at around $3500.00
...

Not to mention the antique Brunswick radio it is sitting on for $300.00
(Est value $700.00)

So I am not to sure of additional tax info that is needed on individuals that are very well established with pay Pal ...

Its not because if what you BOUGHT. Its what you sold. Income. Not outgo.

INever · 10-07-2011, 02:18 PM

At the end of last year it was announce that all 2011 US income at paypal will generate a 1099 report to the IRS.

Barefootsies · 10-07-2011, 02:20 PM

None of this is "news".

The law in regards to the 'paypal' (and alike) services was changed at least two years ago, and set to go into effect this year. Your accountant, or CPA should have advised you of this already as going into effect in 2011.

signupdamnit · 10-07-2011, 03:19 PM

Quote:

Originally Posted by bossku69

paypal is a great way to launder money. people selling goods and services all day long and there is no records that get sent to the IRS. I have friends that only do business on paypal and make $100k+ but only report they make about $15,000 a year in taxes

I hope they have fun when the IRS gets their Paypal records for the last ten years and threatens them with prison time and back taxes and penalties of $500,000.

famous · 10-07-2011, 03:56 PM

I pay my taxes so this is nothing new for me

Instead of "other income" it will now have a official name ;) Pay your taxes honest and you sleep better at night hehe

onedree · 10-07-2011, 04:11 PM

Quote:

Originally Posted by pornguy

Its not because if what you BOUGHT. Its what you sold. Income. Not outgo.

Oh okay ... well then I am safe ... I do not sell items on E-Bay only purchase ...
But
I do have a least $1400.00 on account ...

Quote:

Last log in October 7, 2011 11:01 AM PDT

* Account Type: Personal Upgrade
* Status: Verified
* Account Limits: View Limits

* PayPal balance: $1400.09 USD

* My recent activity
* Payments received
* Payments sent

Should I pull these funds and only add in the event of a purchase ?
or just leave as it is ?

V_RocKs · 10-07-2011, 04:24 PM

I like trying to explain to the IRS guys about sending $100 paxum to someone and receiving $100 on paypal is not making income on my part..

EukerVoorn · 10-07-2011, 04:47 PM

Quote:

Originally Posted by MaDalton

whoever thought that Paypal is a safe way for tax evasion until now was wrong anyways

There's only one safe way for that and that's cash

u-Bob · 10-07-2011, 05:34 PM

I hate taxes, but I still pay them and declare all of my paypal, paxum, okpay etc income.

If you don't, those guys can make your life a living hell...

u-Bob · 10-07-2011, 05:35 PM

Quote:

Originally Posted by Chris

they told everyone about that a few years ago when the laws changed that this coming up tax season it would apply

what he said.

DBS.US · 10-07-2011, 05:49 PM

$20,000 USD in gross payment volume from sales of goods or services in a single year
200 payments for goods or services in the same year

Ron Bennett · 10-07-2011, 06:59 PM

Quote:

Originally Posted by DBS.US

$20,000 USD in gross payment volume from sales of goods or services in a single year
200 payments for goods or services in the same year

Yep. And to emphasize, BOTH those above thresholds must be met ... $20K payments AND 200 transactions.

Very few PayPal users do that much in gross sales and volume in the same year.

onedree- no need to withdraw. It wouldn't help anyways in regards to the reporting requirements.

In the fine-print, all PayPal payments for goods and services, both on and off eBay, count, including, if my understanding is correct, even those payments later refunded / credited back. As for personal payments, those supposedly aren't counted towards the thresholds, but it may be PayPal's discretion in edge cases.

Ron

Choker · 10-07-2011, 08:53 PM

Quote:

Originally Posted by Ron Bennett

Yep. And to emphasize, BOTH those above thresholds must be met ... $20K payments AND 200 transactions.

Very few PayPal users do that much in gross sales and volume in the same year.

onedree- no need to withdraw. It wouldn't help anyways in regards to the reporting requirements.

In the fine-print, all PayPal payments for goods and services, both on and off eBay, count, including, if my understanding is correct, even those payments later refunded / credited back. As for personal payments, those supposedly aren't counted towards the thresholds, but it may be PayPal's discretion in edge cases.

Ron

I thought thier email said either or. In any case anyone who does not report their paypal earnings to the IRS is asking for trouble anyway. People who do not pay taxes have a unfair advantage over people who do.

Coup · 10-07-2011, 09:06 PM

Quote:

Originally Posted by onedree

Yes I fully understand ... I exhaust a considerable amount of finances through Ebay / Pay Pal ...

Eg :

Purchased my Boehm Ram
( http://boehmporcelain.com/ )
Extremely expensive ...

I purchased this peice for $500.00 from E-Bay and it is estimated at around $3500.00
...

Not to mention the antique Brunswick radio it is sitting on for $300.00
(Est value $700.00)

So I am not to sure of additional tax info that is needed on individuals that are very well established with pay Pal ...

Nice home decor. I'm sure your grandkids get a real hoot outta that ram.

GAMEFINEST · 10-07-2011, 09:30 PM

if its over 20 k or 200 transactions, paypal will automaticaly ask you..

Ron Bennett · 10-07-2011, 10:15 PM

It's not OR, it's AND ...

"Applies to sellers receiving over $20,000 in gross payment volume AND over 200 payments"

https://cms.paypal.com/us/cgi-bin/ma...ng_us/IRS6050W

When reading the first section "What is Internal Revenue Code (IRC) Section 6050W?" note the word both ... some people see the thresholds bullet points and assume each are separate - no, both thresholds must be met ... $20K AND 200 transactions.

Ron

10-07-2011, 10:59 AM	#1
pornguy Too lazy to set a custom title Industry Role: Join Date: Mar 2003 Location: Homeless Posts: 62,911	PayPal now asking for your Tax Info. Seems those wars are strating to cost! Now Paypal is asking for Tax ID info.. I guess the wars are catching up and they want the money. Lots of people are going to get slammed this way. __________________ PornGuy skype me pornguy_epic AmateurDough The Hottes Shemales online! TChicks.com \| Angeles Cid \| Mariana Cordoba \| MAILERS WELCOME!

10-07-2011, 11:02 AM	#2
seeandsee Check SIG! Industry Role: Join Date: Mar 2006 Location: Europe (Skype: gojkoas) Posts: 50,945	US tax system probably want to know that... __________________ BUY MY SIG - 50$/Year Contact here

10-07-2011, 11:04 AM	#4
MaDalton I am Amazing Content! Industry Role: Join Date: Feb 2004 Posts: 39,826	whoever thought that Paypal is a safe way for tax evasion until now was wrong anyways __________________ AmazingContent.com - providing only the best content and service since 2003 Monetize your content on Veegaz.com - one of Germanies largest VOD sites Got German traffic? We convert it into money for you! Skype: madalton02826 - Email: oltecconsult [at] gmail [dot] com

10-07-2011, 11:04 AM	#5
pornguy Too lazy to set a custom title Industry Role: Join Date: Mar 2003 Location: Homeless Posts: 62,911	It came up when we logged in. Are you in the US? Not sure whats going on with it. __________________ PornGuy skype me pornguy_epic AmateurDough The Hottes Shemales online! TChicks.com \| Angeles Cid \| Mariana Cordoba \| MAILERS WELCOME!

10-07-2011, 11:05 AM	#6
pornguy Too lazy to set a custom title Industry Role: Join Date: Mar 2003 Location: Homeless Posts: 62,911	paypal.com/irs https://cms.paypal.com/us/cgi-bin/ma...ng_us/IRS6050W Some of you wont have to worry about it as you are not moving enough. __________________ PornGuy skype me pornguy_epic AmateurDough The Hottes Shemales online! TChicks.com \| Angeles Cid \| Mariana Cordoba \| MAILERS WELCOME!

10-07-2011, 11:03 AM	#3
onedree So Fucking Banned Industry Role: Join Date: Nov 2005 Location: Excercist image strickly for Halloween :=) Posts: 633	To launch a new account ... ? I just logged on and wasn't advised to supply any additional financial info ... They do have my banking #'s so perhaps that is why ...

10-07-2011, 11:14 AM	#8
cherrylula lol Industry Role: Join Date: Jan 2002 Posts: 15,969	Only if you do 20k or more in a year... But this is no surprise? Who the hell is dumb enough to hide paypal revenue?

10-07-2011, 11:18 AM	#10
AzteK Confirmed User Industry Role: Join Date: Feb 2001 Location: Northern Cali, USA Posts: 3,445	I pay taxes on my Paypal anyways. It doesn't matter.

10-07-2011, 11:20 AM	#11
pornguy Too lazy to set a custom title Industry Role: Join Date: Mar 2003 Location: Homeless Posts: 62,911	We pay on over all income as well so it wont effect us but I know a lot of people use them like Epass. __________________ PornGuy skype me pornguy_epic AmateurDough The Hottes Shemales online! TChicks.com \| Angeles Cid \| Mariana Cordoba \| MAILERS WELCOME!

10-07-2011, 12:14 PM	#18
IllTestYourGirls Ah My Balls Industry Role: Join Date: Feb 2007 Location: Under the gold leaf ICQ 388-454-421 Posts: 14,311	// edit, nevermind, I don't do 200 payments a year. __________________ Last edited by IllTestYourGirls; 10-07-2011 at 12:15 PM..

10-07-2011, 12:36 PM	#20
Chris Too lazy to set a custom title Industry Role: Join Date: May 2003 Location: icq: 71462500 Skype: Jupzchris Posts: 27,880	they told everyone about that a few years ago when the laws changed that this coming up tax season it would apply __________________ [email protected]

10-07-2011, 01:20 PM	#22
Eyeball Confirmed User Industry Role: Join Date: Jul 2011 Posts: 552	If only Paxum/payoneer and other evasion methods were forced to comply.

10-07-2011, 02:18 PM	#25
INever Confirmed User Join Date: Jan 2005 Location: .......in a niche, in orbit...... Posts: 3,577	At the end of last year it was announce that all 2011 US income at paypal will generate a 1099 report to the IRS. __________________ I love Camdough

10-07-2011, 02:20 PM	#26
Barefootsies Choice is an Illusion Industry Role: Join Date: Feb 2005 Location: Land of Obama Posts: 42,635	None of this is "news". The law in regards to the 'paypal' (and alike) services was changed at least two years ago, and set to go into effect this year. Your accountant, or CPA should have advised you of this already as going into effect in 2011. __________________ Should You Email Your Members? Link1 \| Link2 \| Link3 Enough Said. "Would you rather live like a king for a year or like a prince forever?"

10-07-2011, 03:56 PM	#28
famous Confirmed User Join Date: May 2002 Posts: 674	I pay my taxes so this is nothing new for me Instead of "other income" it will now have a official name ;) Pay your taxes honest and you sleep better at night hehe

10-07-2011, 04:24 PM	#30
V_RocKs Damn Right I Kiss Ass! Industry Role: Join Date: Dec 2003 Location: Cowtown, USA Posts: 32,409	I like trying to explain to the IRS guys about sending $100 paxum to someone and receiving $100 on paypal is not making income on my part..

10-07-2011, 05:34 PM	#32
u-Bob there's no $$$ in porn Industry Role: Join Date: Jul 2005 Location: icq: 195./568.-230 (btw: not getting offline msgs) Posts: 33,063	I hate taxes, but I still pay them and declare all of my paypal, paxum, okpay etc income. If you don't, those guys can make your life a living hell...

10-07-2011, 05:49 PM	#34
DBS.US Geo Cities Industry Role: Join Date: Aug 2003 Location: North Captiva Island, Florida USA Posts: 11,831	$20,000 USD in gross payment volume from sales of goods or services in a single year 200 payments for goods or services in the same year __________________ Make a Free Chaturbate White Label site in 34 minutes and be making money tonight

10-07-2011, 09:30 PM	#38
GAMEFINEST Make STACK$ Industry Role: Join Date: Nov 2006 Location: sexy time Posts: 14,428	if its over 20 k or 200 transactions, paypal will automaticaly ask you.. __________________ Compound interest.

10-07-2011, 10:15 PM	#39
Ron Bennett Confirmed User Join Date: Oct 2003 Posts: 1,653	It's not OR, it's AND ... "Applies to sellers receiving over $20,000 in gross payment volume AND over 200 payments" https://cms.paypal.com/us/cgi-bin/ma...ng_us/IRS6050W When reading the first section "What is Internal Revenue Code (IRC) Section 6050W?" note the word both ... some people see the thresholds bullet points and assume each are separate - no, both thresholds must be met ... $20K AND 200 transactions. Ron __________________ Domagon - Website Management and Domain Name Sales