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Collector Zone > Sports Cards > Hockey > Hockey Group Box Break Marketplace

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Paypal And Irs Changes That Impact Box Breaking

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road_runner_1964

Jan 14 2011, 07:55 PM

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Seeking Seq #0264
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As some of you are aware paypal has kinda changed its business practices.

Now as some of you have seen with Crpalmi and other major box breakers are no longer excepting paypal payments this is why.

Great article straight from paypal

https://cms.paypal.com/us/cgi-bin/marketing...ing_us/IRS6050W

Under the new legislation, PayPal will be required to report to the IRS the total payment volume received by PayPal customers in the US who:

Receive more than $20,000 in gross payment volume from sales of goods or services in a single year, AND
Receive over 200 payments in a single year.
The IRS changes will apply to all payment providers, including PayPal. They will take effect for sales that occur on or after January 1, 2011, with the first reports going to the IRS in early 2012. Our goal is to help PayPal sellers understand and comply with the new requirements.

Before your payment volume exceeds the reporting thresholds, you will be required to verify your identity by adding a Tax Identification Number,such as a,Social Security Number (SSN), or Employer Identification Number (EIN), to your existing account(s).

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Tarasadie17

Jan 14 2011, 08:20 PM

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Well, looks like I am going to have to cut down on the box breaks I run....

"Baseball players will take anything. If you had a pill that would guarantee a pitcher 20 wins but might take five years off his life, he'd take it" MLB pitcher Jim Bouton about drug use in the Major Leagues... quoted in 1969.

I vow to no longer purchase any product that features sticker autographs...
If your user name is this color I'm afraid I'll have to pass on any proposed transactions at this time.
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