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Can anyone from Maryland please explain the TAXCONNECT for me? I don't have a business but they want
I received a letter from the Comptroller requesting me to sign up. I don't have a business, an EIN number or any of the items they are requesting. I have written several times but not real answer. Anyone help with this question? I only sell out of my Home but I did hit the threshold for a 1099K
4 comments
comics-scifi-collectibles
Mentor2 years ago@klst Another sellers state wanted eBay's sut number for their state. Maryland is eBay Inc. – SUT Account Number: 09754229
You can see the link next to Maryland on this page for a document you can share with the comptroller.
https://www.ebay.com/help/selling/fees-credits-invoices/taxes-import-charges?id=4121&st=3&pos=1&query=Taxes%20and%20import%20charges&intent=taxes&lucenceai=lucenceai&docId=HELP1302
mr_lincoln
Mentor2 years ago@comics-scifi-collectibles
I wonder why the "state" wouldn't simply request what they needed from the entity that issued the 1099-K in the first place?1? Perhaps just to confirm that a 1099K recipient is indeed the intended recipient and their ID has not been stolen?!?
mr_lincoln
Mentor2 years ago@klst
Go to your state's government web site and read about it. Whether you sell out of your home or not you may be required by your state to pay tax estimates based on the sales volume you have or your reportable income from your sales profits.
The other source you might consider is a CPA who handles tax returns.
disneyshopper
Mentor2 years agoThe threshhold for a 1099-K for 2023 is $20k and 200 transactions, unless your state requirement is less. Managed Payments needs your social security number, driver's license, checking account, in order to comply with the government's KYC (Know Your Customer).
KYC means Know Your Customer and sometimes Know Your Client. KYC or KYC check is the mandatory process of identifying and verifying the client's identity when opening an account and periodically over time.
What are the main elements of KYC? All effective KYC regimes are made up of three key components: identity verification, customer due diligence, and ongoing (automated) monitoring.