As I mentioned earlier in this thread:
"Payoneer offers you a virtual US bank account, but like any bank they cannot deal with the IRS on your behalf. You have to deal with the IRS directly. You still have to submit the ITIN forms in order to reduce/eliminate the tax withholding amount"
Payoneer is simply like any other bank - it is a method of receiving payment. It has nothing to do with taxes. You still have to deal with the IRS if you get paper cheques. Or you can choose not to deal with the IRS at all, and have 30% withheld for tax, no matter how you receive your royalty payments.
"Bing" - the light goes on... You probably saw this question coming: Is there an FAQ or forum thread that I can follow to get the details on dealing with IRS tax exemptions?
Thanks for your help BTW.
Read the Help files, under the My Account section. Specifically this link:
Found it Simple and quick to get an EIN- was done over the phone
I would like to ask for PAYPAL payments as cheques are a real challenge here in Australia to deposit- take forever to clear and Cost $ to deposit or as google do Direct deposit- simple way to go
Dear CreateSpace community.
My name is Tomer and I’m with the Payoneer Team.
I’ll be happy to answer every question related to Payoneer you might have.
One of the main challenges for international users is how to get paid efficiently, we understand the challenge and believe Payoneer is probably the most cost effective solution for international users to get paid – we work hard to constantly innovate and provide the best possible service.
One of our products that has been mentioned in this thread is the Payoneer Virtual US Account, it is a unique solution that enables the selected Payoneer card holders that have the Virtual Account function enabled to receive ACH (direct deposits) transfers from selected US organizations.
We don’t yet officially work with CS but thanks to Monica (a very valuable and caring card holder that was kind enough to share her experience with all the community) a group of CS users approached us directly and got a Payoneer card and the Virtual Account and they were able to transfer funds from CS to that account – I think so far their experience has been positive.
If you have any question you can always also email me directly to firstname.lastname@example.org and I will do my best to help you.
All the best
Welcome and thank you for joining the CS community!
I got my account late last year, and while I haven't received my royalties from CS yet (due to their payment cycle) I can see Payoneer is going to be extremely beneficial to me -- in more ways than just through CS.
Thanks so much for enabling us to apply for this service.
Re: 30% tax withholding for international members... I've been thinking about this issue because the taxes are starting to hurt me and I came up with this solution:1. Open a US-based LLC. This is possible for any foreigner, through websites such as LegalZoom, for example. Last time I checked it costs around $200 or so.
2. Open a Payoneer account in the name of that LLC
3. Have my CS royalty sent to this account. So, CS would be paying a US company, not an individual. I assume a company gets their own tax details.
4. If everything works out well, CS wouldn't withhold any taxes. Instead, my LLC would be responsible for paying the taxes as any other US company does. What are those taxes? What can be claimed as tax exempt? I don't know much about this stuff so any info is appreciated.
Just a note that I haven't yet done any of this, it's still just a thought and I'm looking for any knowledgeable person to share their opinion on this.
What do you think?
BookSurge did NOT NOT NOT withhold money for the IRS when paying royalties -- so they have informed me in writing.
I have emailed CS customer support but have received no response.
If CS wants a large business, CS should have telephone-customer-support.
If it does not have customer support by telephone, CS does NOT NOT NOT deserve the business,
I do NOT NOT NOT like doing business with a company with which I cannot communicate through another human being.
CS is a disgrace.
I do know however that now-- in 2010--there is a USD $91,000 exemption for ex-pats in Costa Rica, where I live.
That exemption, I assume, is available for ex-pats worldwide.
I hope that some CS executive reads his blog.
CS execs MUST learn just how woefully bad their customer relations are.
Just one remark...
To get a Payoneer card you dont need to Open a US-based LLC.
User all arroud the world have Payoneer cards.
In addition, selected Payoneer users can open a Virtual Account that provides them a Virtual US Account number and Routing number hence allowing them to get direct deposits to their account as if they had a US Bank account.