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EcommerceBytes-NewsFlash, Number 2366 - September 09, 2010 - ISSN 1539-5065    1 of 6

PayPal to Report Payments to IRS, Modifies User Agreement

By Ina Steiner
EcommerceBytes.com
September 09, 2010




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PayPal is modifying its User Agreement due to new IRS reporting requirements. The following verbiage has been added to Section 4.7 (Taxes):

"You acknowledge that in starting in 2011, PayPal will report to the Internal Revenue Service the total amount of the payments you receive each calendar year into all the Accounts you own if you(i) receive more than $20,000, and (ii) receive more than 200 payments, in that calendar year."

See our coverage on what this new reporting means for online sellers in this March article, "IRS to Track Online Sellers' Payment Transactions Beginning Next Year."

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About the author:

Ina Steiner is co-founder and Editor of EcommerceBytes and has been reporting on ecommerce since 1999. She's a widely cited authority on marketplace selling and is author of "Turn eBay Data Into Dollars" (McGraw-Hill 2006). Her blog was featured in the book, "Blogging Heroes" (Wiley 2008). Follow her on Twitter at @ecommercebytes and send news tips to ina@ecommercebytes.com.

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