Jump to content

IRS and PayPal Transactions


Recommended Posts

Posted

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

 

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

Posted
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

Posted

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.

Posted

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

 

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

Posted

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?

Posted

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

Posted (edited)

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

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.