Pay Pal wanting Tax ID.

[Beans]

Received an email from Pay Pal wanting Tax ID. I not even close to the IRS reporting threshold. I do not just give out that info freely. Did Any one else receive or have received this email requiring you to submit this type of info?

 

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[galenrog]

I was required to submit my taxpayer ID number when I set up my paypal account years ago. Paypal, as a financial institution, is required to submit a lot of information to different Federal agencies, not just the IRS. The reporting threshold you mentioned is just one such thing they are required to report. Most others have to do with patterns of behavior, transactions to and from certain countries, companies, and individuals. Certain keywords associated with transactions can trigger reports to law enforcement. The list goes on. Taxpayer ID number, which for most of us is also our SSN, is required for most of these reports. My suggestion? Deal with it and move on.

edit: I think I should add that any arguement concerning reporting requirements should not be with PayPal, but rather with Congress.

 

[trdhrdr007]

Make sure it's really Paypal asking. Don't click on any links in the email. Go directly to Paypal.

 

[galenrog]

I have to agree with 007. He brings up a very important point. When dealing with email asking for information you should be very suspicious. NEVER follow any links contained in the email. With PayPal, there will be no links to the login page if the email is legit. They will ask you to login and check your messages, but there will be no link within the email. If you received one that may be suspicious, PayPal has a page used for reporting such things.

 

[Beans]

Make sure it's really Paypal asking. Don't click on any links in the email. Go directly to Paypal.

That is why I was asking here on forum. Making sure it was legit. I did go to Paypal and it asked for it again. Just covering all bases. Thanks

 

[Nickleanddime]

Your tax I'd is your social security number. Even when you have a small business license. We have one for our store and that's all it is. Now if you have a physical location then you will have to get a tax number from the state since you'll have to file property ect on it. But your ss number should satisfy pp thirst for info.