Exodus Posted December 26, 2010 Report Share Posted December 26, 2010 Looks like since I meet these requirements I will be getting taxed, as well as high volume ebayers. Jesus... whats next? Dear ######, We're writing to let you know that starting with transactions occurring on or after January 1, 2011, new Internal Revenue Service (IRS) regulations require Half.com (and other businesses that process payments) to file a Form 1099-K for all sellers with more than 200 transactions and $20,000 USD in sales per year. If you're a high-volume seller who has met or is close to meeting the IRS thresholds, we may need to generate a Form 1099-K for you. If you have multiple accounts, we'll take all of them into consideration when calculating your volume status. If you exceed the IRS thresholds, we'll send your first Form 1099-K to you in early 2012. Your Form 1099-K will give you a consolidated report of all payments received through Half.com for 2011. This information will also be reported to the IRS. Assuming you continue to exceed the IRS thresholds, we will send a Form 1099-K to you annually, and we'll also report your payments to the IRS. If your Half.com volume does not exceed the IRS thresholds in a particular year, you will not receive a Form 1099-K and we will not report any amounts to the IRS for that year, even if you have given us your Taxpayer Identification Number (TIN) and Social Security Number (SSN). Next steps To prepare your Form 1099-K (when required), we need either your TIN or SSN for our records. Your TIN/SSN will be kept secure in compliance with the applicable laws and our privacy and information security policies. You'll be able to give us your TIN/SSN online in the Personal Information section of My Account. We'll let you know when this feature is available, and we'll email you to remind you that we need your TIN/SSN number. You'll never be asked to provide your TIN/SSN over the phone. For security purposes, please don't call with or email us your TIN/SSN. If you don't provide us with your TIN/SSN before you meet the thresholds, payments to your account could be frozen, we may be required to withhold taxes from your payments, your listings could be removed, and your ability to sell on Half.com could be suspended, in addition to other consequences. We want to avoid any disruption to your selling status, so please make sure you give us your TIN/SSN when we request it. More information Frequently asked questions Learn more about the new IRS regulation Read our Privacy Policy for more on how we keep your information secure. If you have any questions or comments about this new regulation, please don't hesitate to contact us. Thanks again for being a loyal Half.com seller. Regards, Half.com Frequently asked questions Overview of the new IRS 1099-K regulation Starting January 1, 2011, new IRS regulations require all businesses that process payments to file a Form 1099-K for all sellers with more than 200 transactions and $20,000 USD paid to them by Half.com (and other businesses that process payments) across all user accounts. If you meet these criteria, then we'll need your Tax Identification Number (TIN) or Social Security Number (SSN) so we can generate a Form 1099-K for you. Review the IRS proposed regulations. What is a TIN/SSN? A Taxpayer Identification Number (TIN) is a number used by the Internal Revenue Service (IRS) in the administration of tax laws. Your TIN could be your Social Security Number (SSN), or if you run a small business, you may have a TIN issued for that business by the IRS. For individuals, you can request a SSN through the Social Security Administration office near you. For business owners, you can apply for a TIN online at the IRS website. Learn more about Taxpayer Identification Numbers. Who needs to provide a TIN/SSN? Under the new IRS 1099-K regulation, all US sellers with more than 200 transactions and $20,000 USD paid to them by Half.com during a calendar year are required to provide Half.com with a TIN/SSN. If you have multiple accounts, they will all be taken into consideration when calculating your volume status. Is this regulation change specific for Half.com? No. This regulation change impacts all businesses that process payments. How does Half.com protect my personal information? Your TIN/SSN will be kept secure in accordance with privacy laws and security standards. This includes the secure storage and transmission of private information such as your credit card number, Social Security Number, and Tax ID Number. Read our Privacy Policy or visit our Security Center for more on how we keep your information secure. What will happen if I don't provide my TIN/SSN? We're required by the IRS to collect your TIN/SSN for reporting purposes. If you don't provide your TIN/SSN before you reach the IRS thresholds, payments to your account could be frozen, we may be required to withhold tax from your payments, your listings could be removed, and your ability to sell on Half.com could be suspended, in addition to other consequences. We want to avoid any disruption to your selling status, so please make sure you give us your TIN/SSN as soon as we request it. How do I give you my TIN/SSN? In the early half of 2011, you'll be able to give us your TIN/SSN online in the Personal Information section of My Account. If you are close to meeting the threshold, we'll let you know when this feature is available, and as time progresses we'll email to remind you that we need your number. For large sellers, we'll let you know when this feature is available, and as time progresses your account representative will contact you to remind you. Important: For security purposes, you'll never be asked to provide your TIN over the phone. Please do not call with or email your TIN to us. What do I do if I have questions? If you have any questions or concerns, please don't hesitate to contact us. We cannot, however, give tax advice, so you should consult your tax advisor if you have questions about how this new regulation may affect you. Will I receive a Form 1099-K for sales in 2010? No. While we'll base whether or not we need your TIN/SSN on your 2010 sales numbers, the 1099-K requirement only applies starting in the 2011 calendar year. Where will I receive my 1099-K? Your Form 1099-K will be mailed to the registered address we have for you on Half.com. Please be sure that your contact information is up to date. Quote Link to comment Share on other sites More sharing options...
Patterson Posted December 27, 2010 Report Share Posted December 27, 2010 Before you do anything, send it to spoof@ebay.com. I've gotten a ton of emails from "ebay" and "paypal" lately. See if it was a fake or not. Quote Link to comment Share on other sites More sharing options...
dakotart Posted December 27, 2010 Report Share Posted December 27, 2010 I got the same email and have only sold 1 book on half.com. Quote Link to comment Share on other sites More sharing options...
Exodus Posted December 27, 2010 Author Report Share Posted December 27, 2010 I got the same email and have only sold 1 book on half.com. I think its just a preliminary warning if you do sell that much. The email is legit, its apart of net neutrality. Quote Link to comment Share on other sites More sharing options...
DaddyBuiltRacing Posted December 27, 2010 Report Share Posted December 27, 2010 It was only a matter of time before Uncle Sam wanted their portion....just another reason I quit selling on ebay Quote Link to comment Share on other sites More sharing options...
gillbot Posted December 27, 2010 Report Share Posted December 27, 2010 It was only a matter of time before Uncle Sam wanted their portion....just another reason I quit selling on ebay I stopped selling on ebay long ago since it's way too easy to be scammed. You sell something, buyer returns a brick and they get a refund, no questions asked. Quote Link to comment Share on other sites More sharing options...
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