Paypal requesting Tax ID

[lawren2 Malibu Beach Barbie & A Super Moderator Find all posts View Profile Close lawren2]

Has anyone else gotten this? Granted I do a LOT of transactions for quite a bit of money thru Paypal and that may be why. Would like to know if anyone else has received this request.

We need your tax ID number
Saturday, September 3, 2011 1:47 AM
From:
This sender is DomainKeys verified
"service@paypal.com" <service@paypal.com>
Add sender to Contacts
To:
lawren2_10956@yahoo.com
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We need your tax ID number
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Dear Lawren,

We emailed you a little while ago about IRS tax regulations that require us
to collect your tax ID number. Your tax ID number is one of these:
- Your Social Security number
- Your Individual Tax Identification Number
- Your Employer Identification Number

What's the problem?
We haven't heard from you yet about your tax ID number. PayPal needs your
help to comply with these regulations and avoid interrupting your use of
PayPal.

What should I do now?
It's easy to provide your tax ID number:
1. Log in to your PayPal account.
2. A message will appear asking you to update your information.
3. Click Provide Now.

If you have multiple PayPal accounts, please repeat the steps above for
each account.

We appreciate your help in complying with these IRS rules. For more
information, please see our FAQs on the IRS reporting requirements:
www.paypal.com/irs

Sincerely,
PayPal

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[PigsDad Senior Member Find all posts View Profile Close PigsDad]

First off, don't click the links in the email! If it is a phishing attempt, that could redirect you to a website trying to get your password, etc. I would just log into my PayPal account by going directly to their page, and see if there is a similiar message after I log in. If it is also there, then this is a valid request from PayPal. But I would also contact them to get a better understanding as to why they need that info. If PayPal pays any form of interest to your account, then I could understand why they need this.

Kurt

[lawren2 Malibu Beach Barbie & A Super Moderator Find all posts View Profile Close lawren2]

Everything you need to know about IRC Section 6050W

https://cms.paypal.com/us/cgi-bin/ma...ng_us/IRS6050W

Starting in 2011, all US payment providers including PayPal will be required by the Internal Revenue Service (IRS) to report sales information to the IRS about certain customers who receive payments for the sale of goods or services through PayPal. We want to help you understand these changes.

Applies to sellers receiving over $20,000 in gross payment volume AND over 200 payments
Applies only for sales on or after January 1, 2011

Questions? Login to your account or call 1-888-221-1161

Could prove interesting if my boss is already sending a 1099 and they send one too for the same monies. Oh well that is why I pay Fred each year.

[bigfrank Administrator Find all posts View Profile Close bigfrank]

I heard about it last year when the gov announced it, There is 1 way around it split your transactions to 2 accounts. This will require a new banking info as and a CC.