We're asking for your US tax ID number

[bigbeargoodies]

I have a question for a PayPal representative.

I received this message:

"We're asking for your US tax ID number due to new rules from the IRS. You can find more information about the new tax rules and why we're asking for this information at www.paypal.com/irs.

Please provide this information today, so you can enjoy uninterrupted use of PayPal.

Provide Now Remind me Later

Provide your tax reporting information

We'll use your tax ID number to send tax Form 1099-K to you and the IRS if the payments you receive in a calendar year go above both of these levels:

• $20,000 USD in gross payment volume for goods or services
• 200 payments for goods or services

Please provide your tax ID number today. That will help you continue to sell with PayPal and avoid any interruption to your PayPal service."

I am currently just under only $4,000 in sales for the year 2014, that's less than 1/4 of the $20K threshold.  

If I do not reach $20,000 in sales by December 31, 2014 is my account going to be limited/restricted if I don't provide tax reporting information?

[PayPal_Olivia]

Hi bigbeargoodies,

If the information is being requested and remains unsubmitted, a restriction is a possibility, even if you do not hit the threshold. PayPal requests the information before the thresholds are hit for a few reasons, some of which include the possibility of multiple accounts, and to ensure that the information is on hand should the threshold be reached at a later time.

I hope this helps!

[myheartlight]

Hello,

I just received the W9 to update my information.  After I submit this, will my name be changed to what is shown on the W9?

I am a single mother and really value my privacy so I use a business name on my paypal account to protect my identity.

Thank you for your time!

myheartlight

[NeutrinoDiving]

I'd be interested in hearing the answer to this too.

I have just received notification regarding submitting the W-9 and my account name is different to that of my IRS name and SSN.

Cheers

[Gail7inheaven]

I have now mailing in (US MAIL) and tried 3 times to submit this W-9 form online electronicly. I keep getting a message its filled out incorrectly or missing info. I am filling it out as instructed by my accountant

I use a different name (DBA) doing business as

then my Tax # name.

How can I get this info to you and when will I receive confirmation on it?

I tried calling once.. and I was told by a sort of snotty representive... that you have a hugh mail room and it may take some time to get to

that was a week ago ...

Gail

[myheartlight]

HI Gail, Since Paypal isn't answering our questions I thought I would ask you.  Were you able to get your W9 in?  Did you keep your DBA as the name on your account or did PayPal change it to the info on the W9?  I'd appreciate your input. Thank you for your time!

[Gail7inheaven]

Hi it was a nightmare,, but I think its finally solved

My DBA (doing business As) did stay the same, no changes

I orginally mailed in the W-9 because the electronic verison kept saying I filled it out wrong.

My accountant verified I had the form filled out correctly yet it wasn't accepted

My other 2 accounts were cleared after the mail in forms.. but they continued to threaten to close me down on my mail account!

Finally after 2 different phone calls... I got the matter settled

they sent me the proper form ( the one my account said was correct)

They had me filling out a "substitute" form for W-9 ?

That is the electronic one they have set up

anyway .. I finally got a rep at palpay they followed thru and made it happen

One rep actually told me when I called to make sure they received my mailed in forms.. 10 days after I had mailed it ...

Stated " we have a big mail room... it may take some time"

Are you kidding me ? like that is my fault and you still want to shut me down for not complying ?

anyway I hope your experience was better then mine

Gail

[Animator1]

Hello, I received the same message, but I am not a US citizen I am a Greek one.

Does that mean I don`t have to do anything or it applies somehow outside USA as well ?

[lancelotme]

when you sign up for PAYPAL,what is your country of residence?

[sharpiemarker]

You must've signed up for US account, then? You can give a ITIN if you are a foreign national with permanent residence in the US or sign up for PayPal Greece account and close the US account.  If you have residence in both US and Greece, it may not be necessary to close but just use the US account when in US and use Greece account when in Greece.

If you have funds in the US account balance, contact PayPal customer service on what options you have to comply with the law.

Edit: ITIN is Individual Tax Identification Number

https://www.irs.gov/individuals/individual-taxpayer-identification-number-itin