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Paypal's New IRS Policy

Discussion in 'Making Money' started by irfanrufi123, Aug 10, 2016.

  1. irfanrufi123

    irfanrufi123 Jr. VIP Jr. VIP

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    What does it mean for stealth account users? How can we overcome it?

    If you don't know what I'm talking about. Check Paypal.com/IRS
     
  2. BassTrackerBoats

    BassTrackerBoats Super Moderator Staff Member Moderator Jr. VIP

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    That has been in place for some time now - 20K a year AND 200 transactions.

    Probably several years actually.
     
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  3. MaFiaStyle

    MaFiaStyle Regular Member

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    Not a big problem as I am getting my paypal from a supplier that provides verified SSN account. So it does not really matter to me. Also for others who are using stealth account without SSN verification, just make sure you keep below 200 transactions and below $20k gross sales (this amount includes refund as well as shipping cost) volume threshold then buy another stealth account to replace it. It is business as usual. :)
     
  4. vivalikes

    vivalikes Jr. VIP Jr. VIP

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    is it the same policy for Canadians?
     
  5. Asif WILSON Khan

    Asif WILSON Khan Executive VIP Jr. VIP

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    Not new, and pretty obvious how to circumvent the restrictions.

    EDIT: @MaFiaStyle covered it.
     
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  6. Asif WILSON Khan

    Asif WILSON Khan Executive VIP Jr. VIP

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  7. uches12

    uches12 Regular Member

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    Pls can u share this supplier with me via pm?
    I want to know more abt it as I am in need of this service now.
    Thanks
     
  8. irfanrufi123

    irfanrufi123 Jr. VIP Jr. VIP

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    Weird it never came to me before nor to any of my friends (yes, we did grossed $20k+ yearly) but anyways, Mafia, I sent you a PM.


    Cheers
     
  9. CRT

    CRT BANNED BANNED

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    I would advise against buying an account with a verified SSN. Who knows how they obtained the SSN (probably stolen or hacked), and YOU DO NOT want to get involved in the legal sides of things
     
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  10. uches12

    uches12 Regular Member

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    Thanks, you have a point there:)
     
  11. cdn_craigs

    cdn_craigs Jr. VIP Jr. VIP

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    I wonder how this effects Canadians? as it only mentions IRS.. not CRA (Canadian Revenue Agency)
     
  12. MaFiaStyle

    MaFiaStyle Regular Member

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    All Paypal regardless of countries will have a different set of revenue target before verification of ID becomes necessity. For example in Asia Paypal, $5,000 and 200 transactions you will be asked for ID/ Passport/ Business documentation/ etc. In this case, Paypal Singapore is the one that has to adhere to the rules of the monetary authority of Singapore.

    So far the highest limit is the USA paypal accounts before verification becomes a necessity.
     
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  13. ridersark

    ridersark Regular Member

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    I am using Paypal from India. Crossed 200 transactions last year and they presented some kind of form which I had to fill up and send them. Was done in a jiffy.
     
  14. MaFiaStyle

    MaFiaStyle Regular Member

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    By using a stealth account, you are already going in the direction of the legal side of things. :)