Are there any tax reporting requirements?

Yes. Under the new Internal Revenue Code (IRC) Section 6050W, starting in 2011, all US payment providers including Spark Pay, will be required by the Internal Revenue Service (IRS) to report sales information to the IRS about certain customers receiving over $20,000 in gross payment volume AND over 200 transactions.

Before your payment volume exceeds the reporting thresholds, you'll be asked to provide your tax ID number (Social Security Number) or Employer Identification Number (EIN) to your existing account(s).

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