What just happened to accepting Paypal?? looks like they are trying to drive us away


i may have over reacted... for some reason PayPal wants to drive me into a business account. Looks like the fees are the same so not sure what that is all about, I'm just suspicious by nature

If you switch to a business account which is pretty easy you get a merchant ID, enter it here, and move on. If you don't want to do that then they make it very complicated to fill out forms, etc. I gave up and switched to business, made up a bogus business name and am moving on...
herman

Showing 3 responses by lula

David, PP only reports our sales to the IRS if you have 100 sales and a significant total of around  $50,000. in a year, I believe. It might even be 200 sales....but you have to reach both categories to be reported. Having a business account seems to mean it's income from a "business" no matter how limited.
When one switches to a business account, it opens up the possibility of IRS looking at our sales as income....and thus legally reportable when filing taxes, and obviously subject to federal tax, as well as state taxes.
Uberwaltz...PP only reports to IRS if the sales reach 20K (I assume you are correct with this number) AND 200 items sold. I discussed
this issue with PP some time ago to make sure that BOTH criteria must be met to be reported, not one or the other. Obviously, one can easily sell a few pieces of high end equipment and reach $20K. That would certainly not constitute the workings of a business.