2. misc-audio
  3. 188792-6478

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
ghasley
2,434 posts
 

It doesnt take much to make it a business if you do enough volume.

luynes
30 posts
 

Hey Audioman58,

Too bad that unripe Cheeto is also a corrupt, insurrectionist, incompetent, incoherent, imbecile!

I'll take anything the IRS throws my way as long as I can still live in a democracy.

Jimbo

invalid
1,082 posts
 

@84xfirez-51  Do you really believe that they are just going after the fat cats? They always say that, then they start going after the average taxpayers because it's easier and they actually collect more money in the long run.

jond's avatar
jond
5,669 posts
 

@invalid That is categorically false, they weren't going after the rich because they didn't have the resources to do so. And no they don't make more going after average taxpayers which is why the IRS was in such a crisis until now.

invalid
1,082 posts
 

So they never had the resources to go after the rich, is that a joke. Rich people are far more likely to get audited than the average person. They always say they are only going after the rich,  then it trickles down to the average earner.

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