K11 Owners Group

Scott_Anderson · Posted: Sun Jun 09, 2013 9:49 pm Post subject: Thank you Big Brother and PayPal

Well thanks to the IRS and new regulations implemented this year it looks like it's time for me to close my PayPal account.
I've spent over $6K dollars thru PayPal thru the years but I was never "Verified" as I was NOT going to give them my banking information.
Now since the new IRS rules, PayPal has now implemented a $2000 total transaction limit for "unverified" accounts. Needless to say my account was "suspended" because I was over the $2K limit.....

The jist of the IRS rules apparently now requires PayPal to report transactions to the IRS so the IRS can decide it we are cheating on our taxes if we do/don't report extra income.......

In order for PayPal to be able to report this $ transaction information they want you to link your bank account, or they want you to sign up for their "PayPal" credit card(which involves personal info) to then become "verified". Either way they want information so the IRS can connect you to the transactions.

Those that have already been "verified" should be aware that any PayPal "income" is now at potential risk of being reported to the IRS. They may try to downplay it by saying it's only "E-bay" sales, but I wouldn't trust them to not report EVERY incoming $ from any transaction....

BEWARE....
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Ride safe.

1995 K1100LT 0302044
2017 FLHTK Ultra Limited
Garmin StreetPilot 2820
Garmin Zumo 550
Garmin Zumo XT
"One who does not ask questions is ashamed to learn" Danish proverb
1997 K1100LT 0302488(R.I.P.)
1997 R1100RT ZC62149(sold)

Shoganai · Posted: Sun Jun 09, 2013 11:35 pm Post subject:

Thanks for posting this.

Interesting...
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1993 K1100RS aka The Shop Whore
1994 K1100RS aka Blue Streak

The long road is a rainbow and the pot of gold lies there.
So slip the chain and I'm off again,
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Nana korobi ya oki

SugarHillCTD · Posted: Mon Jun 10, 2013 7:32 am Post subject:

(not to start something that gets moved to the dungeon, or worse..)

BUT corporations get away with billions in tax dodge strategies and the IRS (with their own questionable operations) goes after PayPal users??????

Thanks for posting this Scott.
_________________
John & Cathy

'92 K100RS4V Pearl White SOLD
'04 K1200GT
IBA Several-SS1k, BBG, 50CC NYC to S.F.

Scott_Anderson · Posted: Mon Jun 10, 2013 7:40 am Post subject:

More to this interesting situation.......

I sent them and e-mail last night, explaining my displeasure and my thoughts of closing my account. I received a automated "canned" message that said I needed to resolve my issues that resulted in my "limit" being implemented.

I didn't change anything last night yet, this morning the "limit" mysteriously vanished..........No explanation, nothing, just gone...unlimited spending restored....

Something to make you go Hmmmm....
_________________
Ride safe.

1995 K1100LT 0302044
2017 FLHTK Ultra Limited
Garmin StreetPilot 2820
Garmin Zumo 550
Garmin Zumo XT
"One who does not ask questions is ashamed to learn" Danish proverb
1997 K1100LT 0302488(R.I.P.)
1997 R1100RT ZC62149(sold)

Ernie-NH · Posted: Mon Jun 10, 2013 1:30 pm Post subject:

Hi Scott...

I had issues with the "PayPal" system a decade ago, and have NOT gone back to them for any reason.. I learned the hard way not to trust them or any of the so-called "credit institutions"... If I buy something it's either check or cash, if I sell something it's cash ! Period... wife thinks I'm paranoid on this issue, and younger people ( ie: my children ) cant seem to grasp the depth to which the electronic age can reach unseen. But as John mentioned, those same forces that have worked to protect the interests and enrichment of the 'multi-millionaires" are the same as those seeking to diminish the assets of the 'middle class'. When it comes down to squeezing blood from stone, you can be sure it wont come from the marble halls of the elite 2% !!

Advice:(?).... kiss PayPal goodbye, find another way to conduct business !

Best regards, good luck, ride safe...// Ernie in NH

PS: may I add..."stay dry" ?? More severe flooding in Iowa ??
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AMA,, American Deaf Bikers
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'11 G650gs
'95 K1100LT
'76 R100/7

hosehoundfr86 · Posted: Mon Jul 22, 2013 9:33 pm Post subject:

they want to get into every ones pocket,,,Revenue Canada is the same,,, don't they realize that the stuff we sell on any site has all ready been taxed at the new price,, we are private individuals trying to get by ,,,,,,,

drikko · Posted: Mon Jul 22, 2013 9:49 pm Post subject:

Sounds like you should be yelling at IRS rather than Paypal, not that either would have any effect.....
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K1100RS '97
Laverda RGS 1000 '84
Jim Young Trailer Sailer 5.7M WB

DISCLAIMER:- Anything I say may have been when I was drunk so please don't take it personally.

'Bigamy is having one wife/husband too many. Monogamy is the same.'
Oscar Wilde

omarsbuddy · Posted: Tue Jul 23, 2013 4:59 am Post subject:

PayPal really, REALLY pissed me off recently.

When I bought the mounting brackets for the LED lights I mounted, I accidently sent Lamp One Designs too much money. They immediately refunded the overage. It took 13 days for that refund to show up in my PayPal account, then another 4 days to transfer it to my bank account.

I sent PayPal an email asking them why, when I buy something and pay for it through PayPal, the seller instantly receives the money, but when that seller refunds money to me, it takes more than 2 weeks for me to get access to the money.

I got no response.
_________________
Scot
'95 K1100LT

mtnroads · Posted: Wed Jul 31, 2013 10:45 pm Post subject: PayPal sucks

I hate Paypal and won't use them anymore after they took $5000, yes FIVE THOUSAND DOLLARS out of my bank account and KEPT IT FOR A WEEK - for a $50 Angie's List subscription renewal that somehow got put through with too many zeros. Ok, clearly it was the folks at Angie's List's fault but they did everything they could to explain it to Paypal so I could get the money back sooner l but it was "tough luck, have to wait for the transaction to reverse". Which inconveniently took a full week for me to get my money back. Scary.

My point being that I don't think this is about the IRS - I think it is about Paypal wanting to get that bank account access from people so they get the float (interest) on the transaction. DO NOT GIVE THEM YOUR BANK INFO!!
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2012 R1200RT Midnight Blue
95 K1100LT Graphit (sold)
01 R1100RT Black (sold)