Home · Register · Search · View Winners · Software · Hosting · Software · Join Upload & Sell

Moderated by: Fred Miranda
Username   Password

  New fredmiranda.com Mobile Site
  New Feature: SMS Notification alert
  New Feature: Buy & Sell Watchlist
  

FM Forums | Forum & Miscellaneous | Join Upload & Sell

  

Archive 2012 · Give Paypal my Social Security number
  
 
hiep
Offline
• •
Upload & Sell: On
p.1 #1 · p.1 #1 · Give Paypal my Social Security number


New IRS rules require PayPal to report Sales information such as your social security number, your pay stuff, and your ID with address on it. I feel uncomfortable with this new law.


Sep 07, 2012 at 11:26 PM
anthonysemone
Online
• • • •
Upload & Sell: On
p.1 #2 · p.1 #2 · Give Paypal my Social Security number


Not using PayPal I reckon is the only way to avoid that.


Sep 07, 2012 at 11:45 PM
EltonTeng
Offline
• • • •
Upload & Sell: On
p.1 #3 · p.1 #3 · Give Paypal my Social Security number


Uncle Sam was not going to miss out on such tax revenue. Looks like they are targeting high volume (business) users first.

Paypal FAQs

"Starting in 2011, 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. These new rules apply to sellers who receive over $20,000 in gross payment volume AND over 200 separate payments in a calendar year. In order to help you understand these changes, we have prepared the following FAQs."



Sep 08, 2012 at 11:44 PM
 

Search in Used Dept. 



hiep
Offline
• •
Upload & Sell: On
p.1 #4 · p.1 #4 · Give Paypal my Social Security number


I agree with Anthony. I won't be using them anymore just to be safe


Sep 08, 2012 at 11:58 PM
borderlight
Offline
• • •
Upload & Sell: Off
p.1 #5 · p.1 #5 · Give Paypal my Social Security number


The IRS rule sounds reasonable. If you receive "$20K or have over 200 separate payments in a calendar year" and don't report it you are engaging in an off-the-books business that doesn't pay taxes. Paypal is only complying with the IRS, not making up its own rules. I would assume that this rule would apply to similar internet payment services too. One of the downsides to not having a Paypal account is most people on FM won't do business with you. As for your SS number, it's not as much the sacred cow you would like to think it is. Banks, medical services, mortgage & credit card companies, auto loans, the military, employment applications, firearms purchases, and the IRS have that information. It's even printed on a Medicare card. When you sell a photograph to a magazine they want your Federal ID or SS number. Is one entity more trustworthy than the other? Protect your SS number as best you can, but canceling Paypal because they are required to collect it is assuming they are going to be less responsible than the others that already have it.


Sep 09, 2012 at 01:36 PM
anthonysemone
Online
• • • •
Upload & Sell: On
p.1 #6 · p.1 #6 · Give Paypal my Social Security number


or just as irresponsible as the rest of them


Sep 09, 2012 at 02:13 PM





FM Forums | Forum & Miscellaneous | Join Upload & Sell

    
 

You are not logged in. Login or Register

Username   Password    Reset password