Paypal will start reporting your earnings to the IRS starting next year

Discussion in 'PayPal' started by ablaye, Dec 2, 2010.

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  1. #1
    Paypal will start reporting your earnings to the IRS starting next year if you make more than $20,000 in sales and have at least 200 transactions. This is something to keep in mind as 2011 is approaching.
     
    ablaye, Dec 2, 2010 IP
  2. ioppp

    ioppp Peon

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    #2
    wow ,,but not gud for big player
     
    ioppp, Dec 2, 2010 IP
  3. Safetyfirst

    Safetyfirst Active Member

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    #3
    Wont make much of a difference to me , long way off that amount.
     
    Safetyfirst, Dec 3, 2010 IP
  4. jestep

    jestep Prominent Member

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    #4
    This is something that all processors who accept US businesses will do. The Gov't passed this several years ago and it goes into effect this coming year. Personally not sure what they are trying to accomplish as there is always going to be a major disparity in what is reported on a tax return compared to what a merchant processes. It's a huge burden in time and money on processors to prepare the reports for these as well.
     
    jestep, Dec 3, 2010 IP
  5. ablaye

    ablaye Well-Known Member

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    #5
    I agree. It is going to be a pain in the neck having to explain the disparity. There will be many more audits because of this.
     
    ablaye, Dec 3, 2010 IP
  6. Laceygirl

    Laceygirl Notable Member

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    #6
    Yo kidding me?

    Are you making this up. Where did you hear this?
     
    Laceygirl, Dec 3, 2010 IP
  7. elicitservers

    elicitservers Peon

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    #7
    elicitservers, Dec 3, 2010 IP
  8. Malrook

    Malrook Peon

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    #8
    IRS 6050W you got to love how much the government wants to know about you. I'm curious to know if other online payment takers like egold will be doing this as well.
     
    Malrook, Dec 3, 2010 IP
  9. proprod

    proprod Active Member

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    #9
    This works for me as I am over the $20,000 but WAY under 200 payments.
     
    proprod, Dec 3, 2010 IP
  10. techdaring

    techdaring Peon

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    #10
    I think they just report the information of the U.S users for IRS, not mean all of the world. Right ?
     
    techdaring, Dec 3, 2010 IP
  11. nixproxy

    nixproxy Peon

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    #11
    What is IRS?
     
    nixproxy, Dec 4, 2010 IP
  12. elicitservers

    elicitservers Peon

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    #12
    It's the US revenue service responsible for collecting/processing taxes, amongst other things.
     
    elicitservers, Dec 5, 2010 IP
  13. space river

    space river Peon

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    #13
    thanks a lot
     
    space river, Dec 5, 2010 IP
  14. alexanime

    alexanime Peon

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    #14
    what is that?
     
    alexanime, Dec 5, 2010 IP
  15. elicitservers

    elicitservers Peon

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    #15
    Everything has been stated up above. Anything in particular you don't understand?
     
    elicitservers, Dec 5, 2010 IP
  16. tariq1654

    tariq1654 Active Member

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    #16
    Paypal is going to work as a government institution.
    It sucks...
    They are not trustworthy anymore, can take any action whenever they want. They even deleted 'Wikileads' account with their huge donations.
     
    tariq1654, Dec 5, 2010 IP
  17. theentry

    theentry Peon

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    #17
    There is no place where you can hide from tax man, they will eventually find you
     
    theentry, Dec 5, 2010 IP
  18. IsraeI

    IsraeI Peon

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    #18
    The taxman is coming to get you ! run !
     
    IsraeI, Dec 5, 2010 IP
  19. digi1

    digi1 Peon

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    #19
    Run to jail ?;)
     
    digi1, Dec 7, 2010 IP
  20. IsraeI

    IsraeI Peon

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    #20
    :D

    Just to clarify , it was a joke and I'm in no way endorsing anyone to boycott the taxman, pay your taxes everyone, abide by the rules!
     
    IsraeI, Dec 7, 2010 IP
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