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911 Posts
Just because it does me good to complain about Paypal every once and a while here goes!
So most of you that sell items online are probably aware of the new Biden tax rules that changed the threshold of sales from $20k AND 200 transactions to just 1 payment of $600. This happened sometime last year I believe.
Well at that time Paypal started bombarding their customers with emails telling them to provide their tax ID information. This would just be your social security number for non business owners. I am absolutely against that so I was just ignoring them and not allowing any payments of 600 or more. Now this was only applicable to the goods and services payments not any that were the friends and family method. I continued with this thought into this year but unfortunately got a 1300 payment last night.
Immediately Paypal locked my funds so I thought I'd just refund the money and tell the person to use friends and family method. Ohh...no that's not going to happen and here's where it went down hill! They kept the 1300 payment as a blackmail to get your info. They withdrew the 1300 refund from my bank account so at that point I'm out 2600!
If you don't give your tax info they will start giving your money to the IRS as a tax payment and will continue doing that until it is all gone or you provide the info.
I know...paypal is just another commie **** company and I got what I deserve for using them but this is just a heads up for anyone else. In the end I'm not really out because I just gave them the info and got my money back. It will cause a little extra pain at taxes next year but that's all. Just putting this out to inform others!
So most of you that sell items online are probably aware of the new Biden tax rules that changed the threshold of sales from $20k AND 200 transactions to just 1 payment of $600. This happened sometime last year I believe.
Well at that time Paypal started bombarding their customers with emails telling them to provide their tax ID information. This would just be your social security number for non business owners. I am absolutely against that so I was just ignoring them and not allowing any payments of 600 or more. Now this was only applicable to the goods and services payments not any that were the friends and family method. I continued with this thought into this year but unfortunately got a 1300 payment last night.
Immediately Paypal locked my funds so I thought I'd just refund the money and tell the person to use friends and family method. Ohh...no that's not going to happen and here's where it went down hill! They kept the 1300 payment as a blackmail to get your info. They withdrew the 1300 refund from my bank account so at that point I'm out 2600!
If you don't give your tax info they will start giving your money to the IRS as a tax payment and will continue doing that until it is all gone or you provide the info.
I know...paypal is just another commie **** company and I got what I deserve for using them but this is just a heads up for anyone else. In the end I'm not really out because I just gave them the info and got my money back. It will cause a little extra pain at taxes next year but that's all. Just putting this out to inform others!