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Paypal drastic changes

When you’re paid for goods and services, the US Internal Revenue Service (IRS) considers this reportable income.

Once you receive $600 in payments for goods and services within a calendar year, tax laws require us to withhold 24% of such payments when you have not confirmed your taxpayer status by either providing your US tax ID or completing a Certificate of Foreign Status. This 24% is sent to the IRS as backup withholding for any potential income tax due on those payments.

You can learn more about this tax law on the IRS website.

I tried to attach a link , but it wouldn't cooperate.

krelldog
bondmanp
1,810 posts
 

This is what happens when Big Governments start to run out of money.  The result is usually a thriving black market where the government gets a big fat goose egg.  Ask anyone in Russia, Greece, or many other places.  The next step is a cashless economy.  Strap yourself in, it's gonna be a bumpy ride.

jond's avatar
jond
5,794 posts
 

This is not about politics so why don't we stop talking about them? And audioman58 your post has been debunked so many times there are not 85K new agents give it up.

evanpress
18 posts
 

A clarification.  The IRS collects taxes in accordance with the laws passed by Congress. When you have a problem with a tax, talk to your Congressperson.

carlsbad2's avatar
carlsbad2
1,602 posts
 

@evanpress The IRS decides where to enforce.  they can chase people working full time paying no taxes, drug dealers, mobsters, girls sellling lemonade on street corners, or paypal. 

Jerry

bob540
407 posts
 

This is such BS.  My guess is that sellers will instead try to make a local sale, in cash only, so there is no record of the transaction.  It happens all the time.  

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