I got to know that payment providers in the United States are obligated, under a new legislation, to report the income of American users beginning 2011, where reporting will be done beginning 2010. The following users will be affected:
1. Receive more than $20,000 in gross payment volume in a single year, AND
2. Receive 200 or more payments in a single year.
These users will have to upgrade their accounts to Business, if they are still using Personal or Premier Accounts and besides providing business registration information, will have to also include SSN/TIN/EIN in their accounts.
This is rather disconcerting. Although people do report their income that come sin through PayPal, with all these new policy and rules, it just doesn't sit well with some of my friends who are affected by this.
1. Receive more than $20,000 in gross payment volume in a single year, AND
2. Receive 200 or more payments in a single year.
These users will have to upgrade their accounts to Business, if they are still using Personal or Premier Accounts and besides providing business registration information, will have to also include SSN/TIN/EIN in their accounts.
This is rather disconcerting. Although people do report their income that come sin through PayPal, with all these new policy and rules, it just doesn't sit well with some of my friends who are affected by this.
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