What is a US person for FATCA and 1099K tax reporting purposes?
A U.S. person generally includes the following:
- A U.S. citizen or resident individual, including U.S. citizens living outside the U.S. or U.S. citizens and residents operating a business outside the U.S. (This includes green card holders.)
- A corporation or partnership organized in the U.S. or under the laws of the U.S or any state thereof, including where the entity is operating a business outside the U.S.
- A trust if (i) a court within the U.S. would have authority under applicable law to render orders or judgments concerning substantially all issues regarding administration of the trust, and (ii) one or more U.S. persons have the authority to control all substantial decisions of the trust, or an estate of a decendent that is a citizen or resident of the U.S.
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What is FATCA?"FATCA" is the Foreign Account Tax Compliance Act, which is a United States law designed to combat tax evasion by U.S. persons (individuals or entities) that fail to report income related to non-US accounts. FATCA requires some of PayPal's non-US subsidiaries to collect information from their account holders What is the XML Reporting API?Reporting overview The Reporting API is an API that you can use to automate your report queries. It enables you to programmatically query the reporting database in XML. PayPal Manager is also a client of the Reporting API. Everything that Manager can do with reports is available to What reporting options are available for PayPal for Marketplaces? Important: PayPal for Marketplaces is a limited-release solution at this time. It is available to select partners for approved use cases. For more information, reach out to your PayPal account manager or contact a PayPal Partner Expert. PayPal for Marketplaces provides three reports to help manage day-to-day What is Return Shipping on Us and how do I activate it?Return Shipping on Us is available to customers who have activated the service and have a qualifying transaction on their PayPal account. This service is free and applies to physical, tangible goods where the return does not violate the seller’s condition of sale. For more information, check the What is a PayPal for Marketplaces reference account?Important: PayPal for Marketplaces is a limited-release solution at this time. It is available to select partners for approved use cases. For more information, reach out to your PayPal account manager or contact a PayPal Partner Expert. A reference account is a PayPal general ledger entry that the Who is impacted by FATCA?FATCA impacts holders of accounts that are outside the United States, and it requires PayPal to collect tax documents or certifications from account holders stating whether or not they are U.S. persons. This includes, but is not limited to, business entities, and some individuals that open accounts outside What is PayPal's policy regarding transactions for narcotics, steroids and controlled substances?PayPal prohibits all transactions for illegal drugs and any product that it determines may be a risk to consumer safety. To identify products that jeopardize consumer safety, PayPal reviews laws, regulations and other government actions, other available evidence, and marketing content related to the product. Some products may What is a chargeback?When a customer files a chargeback with their credit card issuer, it means that they’re disputing a charge and asking the card issuer for a refund. A customer might file a chargeback because they: Didn’t receive their item. Received a damaged or defective item. Don’t recognize a credit What is PayPal for Marketplaces?PayPal for Marketplaces is a comprehensive payments solution for marketplaces, crowdfunding platforms, and other environments where people buy and sell goods and services or raise money. A marketplace allows buyers to purchase goods and services from multiple providers under the umbrella of a single marketplace partner. The solution What FATCA documentation does PayPal collect and how do I provide it?The information that must be collected may include, but is not limited to, the account holder’s address and US TIN (if a US person) or other TIN. A business entity can be required to provide: Its country of incorporation, Its business type or classification under FATCA, A What is PayPal's policy regarding payments for goods and services that may promote hate, violence, or intolerance?PayPal is a worldwide company with account holders in many countries where the possession or sale of certain items associated with hate organizations is a criminal offense. To determine what goods and services should be prohibited, PayPal carefully considers the following factors: The promotion or glorification of hate, What is a loss account?Important: PayPal for Marketplaces is a limited-release solution at this time. It is available to select partners for approved use cases. For more information, reach out to your PayPal account manager or contact a PayPal Partner Expert. When merchants are onboarded via PayPal for Marketplaces to a Managed What is a confirmed address?A confirmed address is one that has been validated by PayPal. We confirm addresses to help: Guard against stolen credit cards. Verify your identity. Decrease chances of receiving a fraud-related chargeback. To validate an address, we ensure that the buyer's credit card billing and shipping address are the What do I use for the StateOrProvince and Country fields when specifying a buyer's address with DoDirectPayment?For U.S. addresses For Country, use "US." For StateOrProvince, use a standard USPS two-letter abbreviation for the name of the state, possession, or territory. USPS keeps a list of official state name abbreviations. For Canadian addresses For Country, use "CA." For StateOrProvince, use a standard Canadian two-letter abbreviation What is a temporary hold by PayPal?When a temporary hold is placed on a payment, the funds are not available to the sender or the recipient. There are several different reasons why a payment may be held. Sometimes we need to confirm the source of the funds for the payment to make sure that What does FATCA require PayPal to report?If PayPal determines that an account is reportable under FATCA (based on its analysis of account holder information), PayPal must either report information to the local tax authority, the account or to the IRS if the applicable account balance has reached a certain threshold. The reportable information generally What are the mrb and pal parameters and what are they used for?mrb parameter The Merchant Referral Bonus (MRB) program is an old Channel Partner bonus program that was used to identify and reward merchants for referring other merchants who signed up with PayPal. <input type="hidden" name="mrb" value="XXXXXXXX"> pal parameter The pal parameter can be either the encrypted account number What are the fees for requesting money and invoicing?There’s no fee to send an invoice or money request. You pay a fee when a customer sends you money. For more information, click Fees at the bottom of the PayPal homepage or click here. What should I do if my account is restricted because I didn't provide the requested FATCA information?Even if your account is restricted you'll be able to log in and access the FATCA information. From your account you can start the certification process by answering a few questions or providing the applicable forms. The certification process is complete when you have: Provided all requested information,
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