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fxdude
Posted: Thu Jan 26, 2012 6:35 pm Reply with quote
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Joined: 24 Jan 2007 Posts: 4663 Location: So. California
Feb 1 2011 all transactions were reported to the IRS if you accept CC then every transaction will be reported paypal 200 transactions coming and going will be reported
20,000 will be reported .. and here is the kicker if you did not report EACH month from jan 1st 2011 you are in trouble with the IRS
boy this sucks, I might just cancel CC transactions
what do you think

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pegleg
Posted: Thu Jan 26, 2012 6:36 pm Reply with quote
Frightstuff Master Joined: 10 Dec 2008 Posts: 6381
Does this include Ebay sales? I'm not sure what this means...

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auzorann
Posted: Thu Jan 26, 2012 8:08 pm Reply with quote
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from what i read it wasn't only credit cards. it was just payments received. you have to have received 200+ payments and made $20,000+. you have to meet both criteria to be reported.
fxdude
Posted: Thu Jan 26, 2012 11:59 pm Reply with quote
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Joined: 24 Jan 2007 Posts: 4663 Location: So. California
pegleg wrote:
Does this include Ebay sales? I'm not sure what this means...


YES the whole tax issue is because of Ebay, they saw how much people were making and decided on this tax issue..

the problem is paypal and ebay are the same company but all fees , taxes and other charges are included in YOUR gross, so that means you need a good tax guy to figure out all the fees and expenses. lets say you make 15,000.00 in sales but with all the fees you had to pay, money you did not get will be reported as income and may push you over the limit then you owe 28% of total and if you never filed each month then you are in deep doo doo... that is what I mean by coming and going.. it is a complicated tax.. and ALL 3rd and 2nd party CC transaction companies report no matter what you make this includes your bank..
that 200/ 20,000.00 is just for paypal, amazon and like companies they file under IRS 6050W

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fxdude
Posted: Fri Jan 27, 2012 12:07 am Reply with quote
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Joined: 24 Jan 2007 Posts: 4663 Location: So. California
At the present time, California, Hawaii and New York require payment processors to provide copies of Form 1099-Ks issued to their residents. In addition, states generally have the ability to obtain data from the IRS.

now these states will wack you as well just keeps getting better Rolling Eyes

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fxdude
Posted: Fri Jan 27, 2012 12:13 am Reply with quote
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Joined: 24 Jan 2007 Posts: 4663 Location: So. California
auzorann wrote:
from what i read it wasn't only credit cards. it was just payments received. you have to have received 200+ payments and made $20,000+. you have to meet both criteria to be reported.
That is only for paypal and amazon and like companies but even fees and chargebacks (money you dont get) will be reported .. and if paypal suspects you are acting like a company they can report any amount.. but they said they would not...

I have a tax company because I am a business but I dont like that they count fees and chargebacks as INCOME , it just makes it more record keeping and $ to pay for more accountant fees..

maybe I will just accept money orders I can see that becoming the thing for ebay.. now it is you need paypal next it will be F**K paypal money order only Laughing

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deadbyday
Posted: Fri Jan 27, 2012 3:53 am Reply with quote
Frightstuff Master Joined: 14 Jun 2008 Posts: 544
I'm confused. Does this effect people who buy as well?

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pegleg
Posted: Fri Jan 27, 2012 11:28 am Reply with quote
Frightstuff Master Joined: 10 Dec 2008 Posts: 6381
fxdude wrote:
pegleg wrote:
Does this include Ebay sales? I'm not sure what this means...


YES the whole tax issue is because of Ebay, they saw how much people were making and decided on this tax issue..

the problem is paypal and ebay are the same company but all fees , taxes and other charges are included in YOUR gross, so that means you need a good tax guy to figure out all the fees and expenses. lets say you make 15,000.00 in sales but with all the fees you had to pay, money you did not get will be reported as income and may push you over the limit then you owe 28% of total and if you never filed each month then you are in deep doo doo... that is what I mean by coming and going.. it is a complicated tax.. and ALL 3rd and 2nd party CC transaction companies report no matter what you make this includes your bank..
that 200/ 20,000.00 is just for paypal, amazon and like companies they file under IRS 6050W


I gotcha

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fxdude
Posted: Fri Jan 27, 2012 2:27 pm Reply with quote
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deadbyday wrote:
I'm confused. Does this effect people who buy as well?

no Tom only people who sell

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TheNewBlood
Posted: Sun Jan 29, 2012 5:00 pm Reply with quote
member Joined: 12 Jul 2011 Posts: 34
Does this mean I can't buy anything from this site without going to jail?
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Jasonlivessince1980
Posted: Sun Jan 29, 2012 5:32 pm Reply with quote
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fxdude wrote:
auzorann wrote:
from what i read it wasn't only credit cards. it was just payments received. you have to have received 200+ payments and made $20,000+. you have to meet both criteria to be reported.
That is only for paypal and amazon and like companies but even fees and chargebacks (money you dont get) will be reported .. and if paypal suspects you are acting like a company they can report any amount.. but they said they would not...

I have a tax company because I am a business but I dont like that they count fees and chargebacks as INCOME , it just makes it more record keeping and $ to pay for more accountant fees..

maybe I will just accept money orders I can see that becoming the thing for ebay.. now it is you need paypal next it will be F**K paypal money order only Laughing


I'm okay with saying screw paypal, back to money orders and personal checks. Governments haven't been responsible with their inflows and don't want to have to start now... so they'll just take more of our money.
fxdude
Posted: Sun Jan 29, 2012 10:44 pm Reply with quote
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Joined: 24 Jan 2007 Posts: 4663 Location: So. California
TheNewBlood wrote:
Does this mean I can't buy anything from this site without going to jail?

NO buying has nothing to do wit it, only people who sell a lot

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clownnation
Posted: Mon Jan 30, 2012 6:37 am Reply with quote
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Joined: 28 Jan 2007 Posts: 4693 Location: Right behind you! MUAHAHAHAHA
You people need to pay your taxes!


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MIBBO
Posted: Mon Jan 30, 2012 7:18 am Reply with quote
Frightstuff Master Joined: 01 May 2007 Posts: 3016 Location: Longford Nevins
Mike Rotunda

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TheNewBlood
Posted: Mon Jan 30, 2012 12:38 pm Reply with quote
member Joined: 12 Jul 2011 Posts: 34
is using a credit card bad?
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