Ebay/PayPal now taxing online sales!
Well, we here at the JunkYard are VERY sorry to report the following information below that is quoted directly from PayPal. It’s important to note that ebay owns PayPal, and ebay of course makes PayPal it’s only real functional form of payment. Sounds a bit shady to us but that’s just our opinion! However, now they want your Social Security Number! Something to think about!
Here on JunkYardFind.com we believe that you should be able to accept ANYTHING you want as far as payment. Just makes sense to us. Your the seller, you choose how you want to get paid….Cash, Money Order, Cashiers Check, Credit Card, Google, whatever! Try us out, it’s FREE! NO Listing Fees, NO Final Sale Fees, NO Hassles!
Anyway, below is the bad news from PayPal. We think it’s time to look closely for alternatives. Sincerely, JunkYard Jeff-founder junkyardfind.com
(PayPal: 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.
Before your payment volume exceeds the reporting thresholds, you’ll be asked to add your tax ID number, such as a Social Security Number (SSN) or Employer Identification Number (EIN), to your existing account(s), if you don’t already have one on file.
If you do not provide your tax ID number (Social Security Number (SSN), Employer Identification Number (EIN), or Individual Tax Identification Number (ITIN)) after we’ve requested it, we may place the following limitations on your account:
You’ll be unable to receive funds into your account. You won’t be able to close your account. The limitations will be removed after your provide your tax ID number. PayPal)