Social Security Numbers

By: Robert Grosshandler | July 21, 2019

Why and when we’re required to collect it from you.

The U.S government requires us to collect your social security number (or other Tax ID) for two reasons. First, if you make money, the government wants to be able to tax you. Second, the government has an interest in making sure that “bad people” aren’t using iConsumer for nefarious purposes. Basically, they don’t want people “laundering money”.

No ID required for rebates

Earning rebates is NOT making money, it’s a reduction in the price you paid for something. Even if the price reduction comes in the form of iConsumer stock. You do NOT have to provide tax identification info to us to receive rebates.

ID required when you make money

When you earn something worth over $600 in any given year, other than rebates, we’re required to report that to the IRS on form 1099. That could be stock, Bitcoin, or cash that you’ve earned. And, it’s the total amount earned. $600 or over from all sources, combined.

ID required when you earn or purchase stock

When you receive stock from iConsumer, the U.S. government is very interested in making sure that nothing bad is going on. We’re required to collect sufficient information so that we can do a background check on you.

These checks are known as AML – Anti Money Laundering. We’re supposed to KYC – Know Your Customer. It’s not fun, it costs money, and it requires you to provide us your SS#. We don’t ask for this information UNTIL you ask us to finalize your earning of stock. That’s what happens when you direct us to transfer your stock to the transfer agent.

You also are going to be asked to sign some paperwork formalizing your receipt of our stock.

We take great care with your personal data. We store your data encrypted, using the highest quality industry standards to safeguard it.


Leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.