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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
audioman58's avatar
audioman58
3,878 posts
 

You can thank Biden fr that with the 85k new agents to audit anything they please 

not good Big brother is watching ,and his digital dollar will give them 100% access to your funds and track everything.

Trump like him or not willnot allow this Digital $$ BS .

bondmanp
1,789 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
5,677 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
16 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
1,382 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

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