New Withdrawal Requirement

Discussion in 'Announcements' started by Ryan, Feb 29, 2012.

  1. Ryan

    Ryan Well-Known Member

    In order to remain compliant with the great tax law of The United States, Postloop must now acquire your Name, Address, and Phone number before you are able to request a withdrawal. You'll be prompted for this information when you request your next withdrawal. You are only required to enter this information once and can change it at any time if necessary.

    Are you going to sell my information to telemarketers and/or send me a junk mail?

    Absolutely not. This information is only used internally at Postloop. It will not be available to the public and will not be provided to any third parties or solicitors. You can refer to our Privacy Policy for more information on how we store and handle your information.

    How does this affect my taxes? What do I need to do now?

    The answer to this is more than likely, nothing. The exact answer to this question will depend on your citizenship --

    US Citizens:

    Postloop is required by law to report your earnings to the IRS if you exceed $600 in earnings from us in one year. If this is the case, we will personally notify you to let you know that we are reporting your earnings to the IRS. You will receive a 1099-MISC from us that you can use on your personal tax return.​

    Non-US Citizens:

    As before, you are still responsible for reporting your own earnings, however Postloop will not do so. We are required to collect your name and address so that we can maintain separate records of US Citizens and non-US Citizens.​

    Is Postloop going to start withholding taxes from my earnings now?

    No, Postloop will not withhold taxes from any of its writers, regardless of citizenship.

    Does this affect my earnings at Postloop?

    No, it doesn't. Your earnings remain the same.

    Why the sudden change?

    Laws have not changed. This has always been a requirement for anybody issuing payment to contractors. While Postloop was young, earnings were relatively minor. As Postloop continues to grow, we will approach the time in which we will need to report earnings from some of our writers to the IRS. So far, no single writer at Postloop has met the requirements for reporting to the IRS. We anticipate this changing in 2012 and are preparing accordingly.

    Let me know if you have any questions!
    Brandon Sheley likes this.
  2. wjack2010

    wjack2010 Member

    I believe I was the first to fill the new details in :D Congrats to me.
    Ryan likes this.
  3. Ryan

    Ryan Well-Known Member

    No you're not, I was. :p

    You were actually third ;)
    sourav9802 likes this.
  4. DevilKid

    DevilKid Active Member

    What will happen to our details which are asked for? *just wondering*
  5. wjack2010

    wjack2010 Member

    Aww, now you've hurt my feelings :( Play nice Ryan. ;)
  6. wjack2010

    wjack2010 Member

    There logged for tax purposes, and if at any point required tax information is sent or something to do with IRS, not to sure how the US tax system works, but there we go :D It's something like that.
  7. Ryan

    Ryan Well-Known Member

    Not sure how to answer this. It's all explained in depth in the original post.
  8. fluffybunny

    fluffybunny Forum & Blog Owners

    Good thing I do not bother withdrawing. Neither will I now as I do not give my address to companies other than for hosting, domains & paypal.
  9. Mikey

    Mikey Staff

    I thought you get my address from PayPal every time I withdraw anyway? :)
  10. Ryan

    Ryan Well-Known Member

    No, you can see the address of people who send you money, but not of people who you send money. It makes this comment ironic:

    ...from somebody who has sent Postloop money. Anybody who you have sent money to via PayPal has your address, Postloop included.
    headacheinasuitcase likes this.
  11. Grumpy

    Grumpy Forum & Blog Owners

    And what if, like me, you don't have a phone number?
  12. Ryan

    Ryan Well-Known Member

    I have a hard time believing that somebody does not have a phone number in this day and age.

    You cannot create a PayPal account without a phone number. If you are withdrawing points at Postloop, you have a PayPal account, and therefore, you do have a phone number.
  13. Pete

    Pete Staff

    Get a Google Voice number, they come in handy. I use one, when I don't want to give out my home phone or mobile phone numbers.
  14. sourav9802

    sourav9802 New Member

    Hi Pete,
    Thanks for your advice . i would follow this procedure to find a google voice number and like to use that one over here.
  15. Noreturn

    Noreturn New Member

    So let me just make this clear... You wont report any earnings as long as it's under $600? So I can make a $250 cashout at the end of the year and you wont do anything with my information... Or am I wrong please correct me if I am...
  16. Ryan

    Ryan Well-Known Member

    We report your earnings to the IRS if you are a US citizen and earn $600 or more in a year at Postloop. We will contact you ahead of time to give you a warning/reminder if that happens. If you do not fall into that category, we do nothing with your information other than store it in our database.
    c.schreiber likes this.
  17. Grumpy

    Grumpy Forum & Blog Owners

    You don't have to verify a phone number with PayPal, which means I use a mobile phone number. Is this okay to use on Postloop, too?
  18. Ryan

    Ryan Well-Known Member

    Your mobile phone is fine. We need a number to contact you at.
  19. lovaboy

    lovaboy New Member

    My question to you is, "Why dont poostloop take out taxes"? I was saying to myself "WOW"! , that's weird being that you all have alot of employees working for you. Really!!

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