I was just looking through the community forum on Paypal for any posts on this subject and found this. There weren't any replies to it though.
IRS Requirements
by DianeS23 in Security and Fraud
Oct-28-2021 07:44 AM
Did anyone else get an email titled "Act now to meet the new IRS requirement" and stating "The IRS will soon require anyone receiving $600 in payments for goods and services to confirm their taxpayer status. As someone who's received payments through PayPal, you'll need to confirm your taxpayer status by providing your Tax ID Number to meet the requirement and avoid any disruption to your account." This is NOT a new IRS requirement/law and is simply being discussed as a possibility by the house. In fact, current discussions have the limit at $10,000 - not $600. Is Paypal jumping the gun? do they not understand? or are they trying to collect information they don't need "just in case"? are they trying to signal some political statement? Honestly, it's making me lose some trust in them. I'm not sure why they would try to collect this now when it's not a requirements - AND it's so clearly a political discussion right now. Does this mean they will prematurely SHARE our information with the IRS (or anyone else) too even if it is not a law? If so, what are they suggesting to share - ALL transactions if the sum is greater than $600?
