Anyone get this message from Paypal?
#2976919
10/21/21 06:31 PM
10/21/21 06:31 PM
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Joined: Jan 2003
Posts: 5,614 Detroit area
6PAX
OP
master
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OP
master
Joined: Jan 2003
Posts: 5,614
Detroit area
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I received an email today with this message from Paypal. Anyone else get it?
"Confirm your taxpayer status to meet a new IRS requirement 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. Confirm Taxpayer Status 3 steps to add your Tax ID Number To meet the new IRS requirement, follow these steps for each of your PayPal accounts.
Log in through the Confirm Taxpayer Status button Choose your taxpayer status from the dropdown menu Enter your U.S. Tax ID Number, your name and your business type if it applies.
Then, if needed based on the amounts you've received, we will use the information you've provided to send you a Form-1099-K in January and share this information with the IRS.
If you've already entered your Tax ID Number, you may have received this email because your information doesn't match IRS records. Log in to confirm that it's correct. Sole proprietors and single-member LLCs: When confirming your taxpayer status, enter your individual name as it appears on line 1 of your 1040, 1040A, or 1040EZ. If you'd rather provide your Employer Identification Number, submit your Form W-9 together with proof of filing of Form 8832 to taxdocumentupload@paypal.com to ensure that what we provide on your 1099-K matches IRS records."
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Re: Anyone get this message from Paypal?
[Re: 6PAX]
#2976932
10/21/21 07:09 PM
10/21/21 07:09 PM
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Joined: Jan 2003
Posts: 12,798 East Bay, N. Cal.
calmopar
I Live Here
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I Live Here
Joined: Jan 2003
Posts: 12,798
East Bay, N. Cal.
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Do not click on any links in the email.
Go to PayPal the way you normally do and see if there is such a button.
Never click on email links if you have ANY doubt about the authenticity. Hell, I never click on them period.
Trying to enjoy life!
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Re: Anyone get this message from Paypal?
[Re: poorboy]
#2976938
10/21/21 07:24 PM
10/21/21 07:24 PM
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Joined: Aug 2019
Posts: 9,434 Super Spudsville
Mr PotatoHead
Half Baked
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Half Baked
Joined: Aug 2019
Posts: 9,434
Super Spudsville
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Could of this been slid in the last bill passed and no one was told? Seems so. https://lifehacker.com/is-the-irs-really-about-to-tax-your-venmo-paypal-and-1847795425 First, The American Rescue Plan Act, which was passed by Congress in March, has a provision that will go into effect on Jan. 1 that requires cash apps like Venmo, PayPal and Zelle to send information reports to merchants and the IRS regarding business transactions totaling more than $600. Oct 07, 2021 · Those posts refer to a provision in the American Rescue Plan Act, which goes into effect on January 1, 2022, according to which anyone receiving $600 per year using Venmo, PayPal, Zelle, or Cash App will receive a 1099-K and be required to report that income on their taxes. Sep 24, 2021 · The reporting requirement would extend to services such as Venmo and PayPal. There is an exception for accounts totaling less than $600. The justification is to catch more people cheating on their taxes--closing the “tax gap”--to bring in more money to pay for a portion of the Democrats’ socialist spending spree.
Last edited by Mr PotatoHead; 10/21/21 07:29 PM.
STOP POTATO HATE!
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Re: Anyone get this message from Paypal?
[Re: 6PAX]
#2976942
10/21/21 07:30 PM
10/21/21 07:30 PM
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Joined: Aug 2019
Posts: 9,434 Super Spudsville
Mr PotatoHead
Half Baked
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Half Baked
Joined: Aug 2019
Posts: 9,434
Super Spudsville
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Looks like I will be selling things on payments of 2-400 or just parts swapping.
STOP POTATO HATE!
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Re: Anyone get this message from Paypal?
[Re: Mr PotatoHead]
#2976957
10/21/21 08:01 PM
10/21/21 08:01 PM
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Joined: Jan 2003
Posts: 5,614 Detroit area
6PAX
OP
master
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OP
master
Joined: Jan 2003
Posts: 5,614
Detroit area
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Looks like I will be selling things on payments of 2-400 or just parts swapping. I haven't sold any individual parts close to $600 or more in value so I wonder if they mean $600 cumulatively for a specific period of time.
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Re: Anyone get this message from Paypal?
[Re: 6PAX]
#2976998
10/21/21 09:16 PM
10/21/21 09:16 PM
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Joined: Jan 2003
Posts: 15,319 Omaha Ne
TJP
I Live Here
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I Live Here
Joined: Jan 2003
Posts: 15,319
Omaha Ne
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Looks like I will be selling things on payments of 2-400 or just parts swapping. I haven't sold any individual parts close to $600 or more in value so I wonder if they mean $600 cumulatively for a specific period of time. It's already a done deal on ebay and it is 600.00 per year in sales, we can thank our elected officials who slid this in dry as the desert. Ebay sent a link to contact your state congressperson, legislator etc. to request a more reasonable number which I did but I cannot find it now I believe paypal venmo and just about every other like business is included starting jan. 2022 I'll refrain from any political comments
Last edited by TJP; 10/21/21 09:24 PM.
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Re: Anyone get this message from Paypal?
[Re: fastmark]
#2977125
10/22/21 08:16 AM
10/22/21 08:16 AM
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Joined: Aug 2003
Posts: 4,976 new jersey usa
11secdart
master
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master
Joined: Aug 2003
Posts: 4,976
new jersey usa
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I find this interesting... I don't use PayPal I have an item for sale here and on another website . I had a buyer that wanted to purchase it because I don't take PayPal he nixed the deal and wouldn't send a money order because he didn't trust me and had been " burned " before. Looks like now there might be even less people using it.
68 Dart 410 / 904 92 D150 original owner 21 Ram 1500 Quad Cab, Big Horn , Hemi ,4x4 23 Audi Q5 16 Honda HRV
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Re: Anyone get this message from Paypal?
[Re: 11secdart]
#2977277
10/22/21 03:07 PM
10/22/21 03:07 PM
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Joined: Dec 2003
Posts: 22,696 Bitopia
jcc
If you can't dazzle em with diamonds..
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If you can't dazzle em with diamonds..
Joined: Dec 2003
Posts: 22,696
Bitopia
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It may be a Paypal requirement in place now, BEFORE its required by IRS with passage of new pending legislation, in order so things do not come to a sudden halt as compliance is met by those sellers currently on paypal. Besides, PP likely never passes up a chance to gather more personal info on its seller. I would disregard until they start to hold funds personally. Optics wise, the $600 threshold has been in place for decades, the legislation could have been made more palatable if they had upped it to say $1000 or $1200, say for the reasons of "inflation", and slowly, as they often do, creep it back down over the next decade.
I also suspect this is a $600 annual threshold for PP seller, not a per sale threshold for buyer.
Reality check, that half the population is smarter then 50% of the people and it's a constantly contested fact.
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Re: Anyone get this message from Paypal?
[Re: fastmark]
#2977353
10/22/21 07:28 PM
10/22/21 07:28 PM
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Joined: Jan 2003
Posts: 8,393 Highland, MI.
Sunroofcuda
master
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master
Joined: Jan 2003
Posts: 8,393
Highland, MI.
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Well, I hope the voters get a belly full of this soon. They need to have an irs official booth set up at these stores in CA where all of the shoplifting is taking place.these legal thieves need to pay taxes on this merchandise they are taking. Two chances of that happening: none & none. Stores just need to start doing what 4 or 5 Walgreens in SF did - just shut them down. Time to start starving the beast.
No Man With A Good Car Needs To Be Justified
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Re: Anyone get this message from Paypal?
[Re: Mastershake340]
#2977358
10/22/21 07:39 PM
10/22/21 07:39 PM
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Joined: Jan 2003
Posts: 15,548 Norwich CT USA
moparts
I Live Here
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I Live Here
Joined: Jan 2003
Posts: 15,548
Norwich CT USA
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PayPal has been doing this as required by the IRS for awhile, you must just going over the min
Facebook Marketplace is also going to be doing this , because of the IRS
It's the same as sales tax getting added to eBay and Marketplace sales , They are forced to do it and nothing we can do with out changing the laws
Tom ,
2011 Ram 3500 C&C Diesel 2009 Challenger R/T 1971 Challenger Conv. 511/4 speed 1970 Challenger R/T 503/727
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Re: Anyone get this message from Paypal?
[Re: Rhinodart]
#2977728
10/23/21 09:35 PM
10/23/21 09:35 PM
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Joined: Jan 2003
Posts: 15,319 Omaha Ne
TJP
I Live Here
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I Live Here
Joined: Jan 2003
Posts: 15,319
Omaha Ne
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I think a resurgence of swap meets will happen in the near term until the cashless society is finally rammed down our throats in toto... I strongly AGREE with your comment about a and that is exactly what they are pushing for. I can understand the reasoning but their execution IMO is once again going after the poor and middle class while ignoring the loopholes for the uhh before I left ca n 94 they had people from the State franchise tax board cruising the swap meets logging License plate #'s. If one was caught selling at more than two (I think) swap meets a yearthey would classify you as a dealer and require you to get a tax license, start charging and reporting sales tax. A friend of mine blew them off, later got busted and was fined quite heavily. Absolute BS and time for another tea party folks
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