QUOTE(jago25 @ Mar 2 2012, 03:23 PM)
I've heard horror stories of unverfied accounts getting frozen so I wanted your opinion on this.
I was thinking of taking a credit card/debit card statement from my girlfriend in order to get her cash out of Argentina. The 4% fee is ok but the only problem is that I would get taxed on the income if my identity is verified.
We can't get married for the moment (it's complicated). Do I have to draw a line through the idea of accepting online payments?
Unfortunately if there is any connection to a USA bank / merchant account, then you will get a 1099K form in the mail. Even PayPal is doing it:
At the end of this month, PayPal will send you and the IRS a copy of your Form 1099-K for the 2011 tax year in accordance with Internal Revenue Code Section 6050W. Under the new rule, PayPal is required to report the total payment volume received by any payee that:
· Received more than $20,000 in gross payment volume from sales of goods or services in 2011, AND
· Received more than 200 separate payments in 2011.
If you receive a 2011 Form 1099-K, this means your PayPal account exceeded both thresholds during the 2011 tax year.
Now if you are not a US citizen, then I really have no idea. It would probably be different depending on what country is involved.