PayPal Electronic Policy???

[Phy]

I looked and couldn't find any reference to this.
Every time I log into PayPal, I get this message:

When I read the policy, it gives permission to share my sales, purchases and other information with IRS.
WTH????
Have any of you agreed to this? I do not intend to.

[Janit]

The IRS now requires that PayPal report the transactions of any members whose receipts for the year exceed $20,000 AND 200 transactions. PayPal is not fighting this, and has agreed to make these reports.

[Phy]

I may have more than 200 transactions, but they're all piddly small amounts, no where near $20K or even half that. It sounds very Big Brother-ish!