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IRS and PayPal Transactions

Started by SuperTaz, Feb 27 2012 12:55 PM

9 replies to this topic

#1 SuperTaz

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Posted Feb 27, 2012 - 12:55 PM

http://finance.yahoo.com/news/tax-changes-to-watch-for.html

Quote

The 1099-Ks are one of many new forms aimed at helping the IRS collect more money without raising taxes. This form is issued to eBay sellers and folks who sell things and get paid by PayPal, Visa, MasterCard, American Express, Discover, etc. To get caught by this form, you must have had over $20,000 in sales or over 200 transactions. The casual eBay garage-sale-type seller wouldn’t get one of these 1099-Ks.

Here is the pdf of the 1099-K:

http://www.irs.gov/pub/irs-pdf/f1099k.pdf

#2 HSMagnet

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Posted Feb 27, 2012 - 01:11 PM

Quote

To get caught by this form, you must have had over $20,000 in sales or over 200 transactions

large gap in those numbers

if you are selling $5.00 a pop, 200 transactions would only be 1/20th the dollar threshold

#3 fozzer

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Posted Feb 27, 2012 - 07:57 PM

One wonders if the pay for cheats scene has filled out their paperwork :P

It's not the first time the tax angle has been broached as a way of clamping down on such sites, but this is the first time any proactive action has been forthcoming.

#4 HSMagnet

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Posted Feb 27, 2012 - 08:46 PM

ever since al capone, taxes have brought down some biggies!

#5 SuperTaz

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Posted Feb 27, 2012 - 09:07 PM

View PostHSMagnet, on Feb 27, 2012 - 08:46 PM, said:

ever since al capone, taxes have brought down some biggies!

Including the current U.S. Secretary of the Treasury. :P

#6 HSMagnet

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Posted Feb 27, 2012 - 10:34 PM

the AIG whore?

#7 GOS_LEgiONary

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Posted Feb 28, 2012 - 02:27 AM

It sounds this could cause some well deserved extra head ache to some people that worked hard to achive it.

On the negative side, will it cause PBBans staff extra administrative work?

#8 HSMagnet

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Posted Feb 28, 2012 - 11:22 AM

View PostGOS_LEgiONary, on Feb 28, 2012 - 02:27 AM, said:

It sounds this could cause some well deserved extra head ache to some people that worked hard to achive it.



will also be a headache to those that have done nothing wrong.

my penny blossoms with blue tooth business for example

#9 GOS_LEgiONary

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Posted Feb 28, 2012 - 06:10 PM

http://indienomics.wordpress.com/2009/06/16/penny-blossoms/

Penny blossoms? are you refering to Penny, Penny, Penny?

Sheldon: If you took advantage of modern marketing techniques and optimized your manufacturing process, you might be able to make this a viable business.

To bad if it will punnish innocent people - Good luck with your business! :fryingpan:

Edited by GOS_LEgiONary, Feb 28, 2012 - 06:14 PM.

#10 HSMagnet

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Posted Feb 28, 2012 - 09:51 PM

View PostGOS_LEgiONary, on Feb 28, 2012 - 06:10 PM, said:

http://indienomics.wordpress.com/2009/06/16/penny-blossoms/


Sheldon: If you took advantage of modern marketing techniques and optimized your manufacturing process, you might be able to make this a viable business.



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