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https://cms.paypal.com/us/cgi-bin/marketingweb?cmd=_render-content&fli=true&
content_ID=marketing_us/IRS6050W
NEW TAX LAW FOR ONLINE SELLERS
Everything you need to know about IRC Section 6050W
What is Internal Revenue Code (IRC) Section 6050W?
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 s
ervices 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 sel
lers understand and comply with the new requirements.
Before your payment volume exceeds the reporting thresholds, you will be req
uired 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).
When do the IRS changes go into effect?
IRC Section 6050W covers all transactions in the tax year 2011 and each tax
year that follows. Beginning in 2012, sellers who pass the reporting thresho
ld will receive a 1099-K Form for their 2011 transactions either electronica
lly or by mail. Transactions occurring prior to 2011 will not be reported.
How will I know if IRC Section 6050W impacts me?
PayPal will track the payment volume of your account(s) and if your payment
volume exceeds both thresholds by receiving over $20,000 in gross payment vo
lume AND over 200 payments in a calendar year. If your account(s) exceed bot
h thresholds, PayPal will send Form 1099-K electronically or by mail for the
2011 tax year in early 2012.
What does PayPal need from a seller as a result of the IRS changes?
In 2011, PayPal will ask impacted sellers to update their account(s) by prov
iding a Tax Identification Number such as a, Social Security Number (SSN), o
r Employer Identification Number (EIN). PayPal will also ask impacted seller
s to verify their name, physical address and email address to ensure we repo
rt accurately to the IRS.
This information will only be requested from sellers that are potentially im
pacted by these requirements. If you are required to update your information
, PayPal will notify you via email and include an alert in your PayPal Accou
nt Overview.
I'm ready to update my information. What information does PayPal need from
me?
Depending on your business type, you can provide either a Social Security Nu
mber (SSN) or Employer Identification Number (EIN) to PayPal. Please use the
guidelines below to determine which to provide.
Business Entities with an EIN
Provide your company EIN and company name.
Sole Proprietors with an EIN
Provide your company EIN and your own name. Do not provide a business name o
r a DBA name ("Doing Business As") with your EIN.
Individual Sellers and Sole Proprietors without an EIN
Provide your SSN and your name. Do not provide a business name or DBA name w
ith your SSN.
Regardless of your business type, we will also ask that you verify your name
, physical address and email address to ensure that we report accurately to
the IRS.
What happens if I don't provide my Tax Identification Number such as a Soc
ial Security Number (SSN), or Employer Identification Number (EIN)?
In 2011, if you do not provide your Tax Identification Number such as a Soci
al Security Number (SSN), or Employer Identification Number (EIN) before rea
ching the thresholds, a restriction will be placed on your account until you
do so. You will be unable to receive funds into your account until you prov
ide the requested information. Beginning in 2012, if you do not have your ta
x identification information on file, PayPal may restrict the receipt of fun
ds into your account, or withhold a percentage of payments deposited into yo
ur account. PayPal must do this to satisfy the backup withholding requiremen
ts of the IRS that take effect in 2012.
How is the $20,000 calculated? Will it be calculated based on net or gross
transaction earnings?
As required by IRC 6050W, the $20,000 will be calculated by looking at a sel
ler's gross payment volume for sales of goods and services. Gross amount mea
ns that any adjustments for credits, cash equivalents, discount amounts, fee
s, refunded amounts or any other amounts will not be netted out.
Are personal payments that I receive counted in the total that will be rep
orted to the IRS?
No. Personal payments that are not payments for the sale of goods or service
s will not be counted in the total to be reported. However, all payments rec
eived for the sale of goods and services will be used to calculate the gross
payment volume to be reported.
If I have multiple accounts that, when combined, meet the thresholds, but
individually they don't, will my accounts be affected?
Yes. PayPal and all other payment processors are required to report sales an
d transaction volume to the IRS by Tax Identification Number such as a Socia
l Security Number (SSN), or Employer Identification Number (EIN).
For example, if you have two seperate accounts associated with the same SSN/
EIN with the payment levels shown below, PayPal will report both accounts on
1099-K Forms under the new regulation.
Account A - $18,000 in payments received for goods and services and 180 tr
ansactions
Account B - $3,000 in payments received for goods and services and 30 tran
sactions
Will I be affected by the 2011 tax changes if I only meet one of the thres
holds?
No. A seller has to exceed BOTH thresholds ($20,000 in gross payment volume
and 200 transactions) in 2011 to be affected by the new requirements.
Are non-profit organizations affected by IRC Section 6050W?
Non-profit organizations are treated the same as for-profit organizations. N
on-profit organizations will be required to submit their Social Security Num
ber (SSN), or Employer Identification Number (EIN) before exceeding the paym
ent volume thresholds. A Form 1099-K will be sent to non-profit organization
s that exceed the thresholds for sales of goods and services.
Are non-U.S. PayPal accounts affected by this new law?
This is a new law and PayPal is in the process of determining how these prov
isions will apply to non-U.S. accounts. IRC Section 6050W requires PayPal's
non-U.S. subsidiaries to comply with the new law. As a result, non-U.S. PayP
al account holders may need to certify their foreign status and address to P
ayPal. U.S. sellers using a non-U.S. PayPal account may be required to provi
de a Social Security Number (SSN), or Employer Identification Number (EIN) f
or those accounts. We will provide additional guidance on these requirements
when available.
Will I need to upgrade to a business account?
If you have a Personal or Premier account and you provide an Employer Identi
fication Number (EIN) to PayPal, you will be asked to upgrade to a Business
account. If you have a Personal or Premier account and you provide a Social
Security Number (SSN) to PayPal, you will not be asked to upgrade to a Busin
ess account.
Will all sellers receive a Form 1099-K?
No. Only sellers who receive over $20,000 in gross payment volume from the s
ale of goods or services AND receive over 200 payments in a calendar year wi
ll receive Form 1099-K electronically or by mail.
How do I read Form 1099-K?
PayPal is working with its sellers to help them understand the new requireme
nts. Please refer to the links section on this site for more information on
the process and forms. Also, check back often for future information updates
on this site.
Will PayPal help me with my tax return?
While we're committed to helping our customers understand the 2011 tax chang
es, PayPal is not qualified to give you specific tax guidance. Please contac
t a tax professional.
What can I expect from PayPal?
This is an important legislative change for online sellers, so we want to pr
ovide clear and helpful information. We'll update this site frequently with
more FAQs and resource links to help you make sense of IRC Section 6050W.
Is PayPal planning to make any changes to the IRS reporting process during
2011?
This is a new law and the IRS may issue additional guidance over time. As a
result, we may make changes to this process during the year.
Is my personal information safe with PayPal?
Yes. PayPal automatically encrypts your confidential information in transit
from your computer to ours using the Secure Sockets Layer protocol (SSL) wit
h an encryption key length of 128 bits (the highest level commercially avail
able). Before you even register or log in to our site, our server checks tha
t you're using an approved browser - one that uses SSL 3.0 or higher.
Once your information reaches us, it resides on a server that is heavily gua
rded, both physically and electronically. Our servers sit behind an electron
ic firewall and are never directly connected to the internet, so your privat
e information stays private.
About Us Contact Us Legal Agreements Privacy Fees
Copyright ? 1999-2011 PayPal. All rights reserved.
Information about FDIC pass-through insurance
content_ID=marketing_us/IRS6050W
NEW TAX LAW FOR ONLINE SELLERS
Everything you need to know about IRC Section 6050W
What is Internal Revenue Code (IRC) Section 6050W?
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 s
ervices 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 sel
lers understand and comply with the new requirements.
Before your payment volume exceeds the reporting thresholds, you will be req
uired 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).
When do the IRS changes go into effect?
IRC Section 6050W covers all transactions in the tax year 2011 and each tax
year that follows. Beginning in 2012, sellers who pass the reporting thresho
ld will receive a 1099-K Form for their 2011 transactions either electronica
lly or by mail. Transactions occurring prior to 2011 will not be reported.
How will I know if IRC Section 6050W impacts me?
PayPal will track the payment volume of your account(s) and if your payment
volume exceeds both thresholds by receiving over $20,000 in gross payment vo
lume AND over 200 payments in a calendar year. If your account(s) exceed bot
h thresholds, PayPal will send Form 1099-K electronically or by mail for the
2011 tax year in early 2012.
What does PayPal need from a seller as a result of the IRS changes?
In 2011, PayPal will ask impacted sellers to update their account(s) by prov
iding a Tax Identification Number such as a, Social Security Number (SSN), o
r Employer Identification Number (EIN). PayPal will also ask impacted seller
s to verify their name, physical address and email address to ensure we repo
rt accurately to the IRS.
This information will only be requested from sellers that are potentially im
pacted by these requirements. If you are required to update your information
, PayPal will notify you via email and include an alert in your PayPal Accou
nt Overview.
I'm ready to update my information. What information does PayPal need from
me?
Depending on your business type, you can provide either a Social Security Nu
mber (SSN) or Employer Identification Number (EIN) to PayPal. Please use the
guidelines below to determine which to provide.
Business Entities with an EIN
Provide your company EIN and company name.
Sole Proprietors with an EIN
Provide your company EIN and your own name. Do not provide a business name o
r a DBA name ("Doing Business As") with your EIN.
Individual Sellers and Sole Proprietors without an EIN
Provide your SSN and your name. Do not provide a business name or DBA name w
ith your SSN.
Regardless of your business type, we will also ask that you verify your name
, physical address and email address to ensure that we report accurately to
the IRS.
What happens if I don't provide my Tax Identification Number such as a Soc
ial Security Number (SSN), or Employer Identification Number (EIN)?
In 2011, if you do not provide your Tax Identification Number such as a Soci
al Security Number (SSN), or Employer Identification Number (EIN) before rea
ching the thresholds, a restriction will be placed on your account until you
do so. You will be unable to receive funds into your account until you prov
ide the requested information. Beginning in 2012, if you do not have your ta
x identification information on file, PayPal may restrict the receipt of fun
ds into your account, or withhold a percentage of payments deposited into yo
ur account. PayPal must do this to satisfy the backup withholding requiremen
ts of the IRS that take effect in 2012.
How is the $20,000 calculated? Will it be calculated based on net or gross
transaction earnings?
As required by IRC 6050W, the $20,000 will be calculated by looking at a sel
ler's gross payment volume for sales of goods and services. Gross amount mea
ns that any adjustments for credits, cash equivalents, discount amounts, fee
s, refunded amounts or any other amounts will not be netted out.
Are personal payments that I receive counted in the total that will be rep
orted to the IRS?
No. Personal payments that are not payments for the sale of goods or service
s will not be counted in the total to be reported. However, all payments rec
eived for the sale of goods and services will be used to calculate the gross
payment volume to be reported.
If I have multiple accounts that, when combined, meet the thresholds, but
individually they don't, will my accounts be affected?
Yes. PayPal and all other payment processors are required to report sales an
d transaction volume to the IRS by Tax Identification Number such as a Socia
l Security Number (SSN), or Employer Identification Number (EIN).
For example, if you have two seperate accounts associated with the same SSN/
EIN with the payment levels shown below, PayPal will report both accounts on
1099-K Forms under the new regulation.
Account A - $18,000 in payments received for goods and services and 180 tr
ansactions
Account B - $3,000 in payments received for goods and services and 30 tran
sactions
Will I be affected by the 2011 tax changes if I only meet one of the thres
holds?
No. A seller has to exceed BOTH thresholds ($20,000 in gross payment volume
and 200 transactions) in 2011 to be affected by the new requirements.
Are non-profit organizations affected by IRC Section 6050W?
Non-profit organizations are treated the same as for-profit organizations. N
on-profit organizations will be required to submit their Social Security Num
ber (SSN), or Employer Identification Number (EIN) before exceeding the paym
ent volume thresholds. A Form 1099-K will be sent to non-profit organization
s that exceed the thresholds for sales of goods and services.
Are non-U.S. PayPal accounts affected by this new law?
This is a new law and PayPal is in the process of determining how these prov
isions will apply to non-U.S. accounts. IRC Section 6050W requires PayPal's
non-U.S. subsidiaries to comply with the new law. As a result, non-U.S. PayP
al account holders may need to certify their foreign status and address to P
ayPal. U.S. sellers using a non-U.S. PayPal account may be required to provi
de a Social Security Number (SSN), or Employer Identification Number (EIN) f
or those accounts. We will provide additional guidance on these requirements
when available.
Will I need to upgrade to a business account?
If you have a Personal or Premier account and you provide an Employer Identi
fication Number (EIN) to PayPal, you will be asked to upgrade to a Business
account. If you have a Personal or Premier account and you provide a Social
Security Number (SSN) to PayPal, you will not be asked to upgrade to a Busin
ess account.
Will all sellers receive a Form 1099-K?
No. Only sellers who receive over $20,000 in gross payment volume from the s
ale of goods or services AND receive over 200 payments in a calendar year wi
ll receive Form 1099-K electronically or by mail.
How do I read Form 1099-K?
PayPal is working with its sellers to help them understand the new requireme
nts. Please refer to the links section on this site for more information on
the process and forms. Also, check back often for future information updates
on this site.
Will PayPal help me with my tax return?
While we're committed to helping our customers understand the 2011 tax chang
es, PayPal is not qualified to give you specific tax guidance. Please contac
t a tax professional.
What can I expect from PayPal?
This is an important legislative change for online sellers, so we want to pr
ovide clear and helpful information. We'll update this site frequently with
more FAQs and resource links to help you make sense of IRC Section 6050W.
Is PayPal planning to make any changes to the IRS reporting process during
2011?
This is a new law and the IRS may issue additional guidance over time. As a
result, we may make changes to this process during the year.
Is my personal information safe with PayPal?
Yes. PayPal automatically encrypts your confidential information in transit
from your computer to ours using the Secure Sockets Layer protocol (SSL) wit
h an encryption key length of 128 bits (the highest level commercially avail
able). Before you even register or log in to our site, our server checks tha
t you're using an approved browser - one that uses SSL 3.0 or higher.
Once your information reaches us, it resides on a server that is heavily gua
rded, both physically and electronically. Our servers sit behind an electron
ic firewall and are never directly connected to the internet, so your privat
e information stays private.
About Us Contact Us Legal Agreements Privacy Fees
Copyright ? 1999-2011 PayPal. All rights reserved.
Information about FDIC pass-through insurance
