Starting in 2011, PayPal is required by the IRS to report the sales of goods and services for customers who, in a single year receive:
• More than $20,000, AND
• 200 or more payments.
The new IRS 6050W changes apply to all payment providers, including PayPal. This includes
The new IRS 6050W changes apply to all payment providers, including PayPal. This includes payments received after January 1, 2011, with the first reports sent to the IRS in early 2012.
MTMBCJAB@YAHOO.COM
**NO-FEE PAYPAL, CONCEALED CASH, STAMPS PREFERRED!!!
*NO TRADES UNDER $1 PLEASE!!
**PLEASE CHECK OUT MY OTHER POSTS TO SAVE ON POSTAGE!!!
*Please reference your trade in subject of emails, I don't open unknown emails!!
*Please send all info from post, it makes for quicker trades!!!
*As always THANKS for your trades!!
1|1|ANYONE KNOW ANYTHING ABOUT THIS????|DAISY|mtmbcjab@yahoo.com|10:14:35|01/22/2011|
MTMBCJAB@YAHOO.COM
**NO-FEE PAYPAL, CONCEALED CASH, STAMPS PREFERRED!!!
*NO TRADES UNDER $1 PLEASE!!
**PLEASE CHECK OUT MY OTHER POSTS TO SAVE ON POSTAGE!!!
*Please reference your trade in subject of emails, I don't open unknown emails!!
*Please send all info from post, it makes for quicker trades!!!
*As always THANKS for your trades!!
2|1|I dont know how this would affect most traders here, but if they have an online business that takes PP as a payment source, then it is pertinent :) I had not heard this, but I dont receive PP much, mostly send it for trades and some online sales.|saint6811|waylan@comcast.net|10:32:54|01/22/2011|
" You'll get what's coming to you ... Unless it was mailed."
3|2|Just thought of this....if the criteria for PP to report to the IRS is those two things (with the word "AND" in there), then this should only affect online businesses, or those who are possibly using PP to hide money somehow.|saint6811|waylan@comcast.net|10:34:48|01/22/2011|
Posted on Jan-22-11 at 10:34 AM (Eastern) by 98.213.152.114
If it requires $20,000 AND 200 transactions, then that would average $100 per transaction....so that might be some kind of trigger to PP/IRS that the acct is for business, not personal, no matter how the acct is set up?
" You'll get what's coming to you ... Unless it was mailed."
4|3|My 1st thought was maybe it's geared more towards Ebay sellers.....|maraj|maraj64@hotmail.com|11:06:51|01/22/2011|
But then I've seen a couple news articles where there's been recent talk again of trying to enforce taxing ANY/ALL online buying/selling, & maybe this is one of the ways they're trying to get around the wrath of those opposed to it.
Just a thought.....
Fact of life: After Monday and Tuesday..even the CALENDAR says...
W..T..F..
Please identify yourself in 1st email w/name/username. Due to recent problem trades, if I haven't traded w/you before, I will probably require you send your end 1st or I'll need LEGIT trade references/feedback. I will be happy to provide the same. IF you plan to hold your end til you've received mine, I will need to know that IMMEDIATELY, BEFORE trade is finalized.
5|1|Basically the IRS is treating your sales as a Business so you woould have to file a self enployment with taxes and |beansebaby|bsm906@gmail.com|14:39:05|01/24/2011|
usually you show no profit once you deduct all your materials stamps, miles traveled and etc.
No biggie . I am self employed and get a 1099 every year and write it all off and its no big deal .
so relax - BrendaSue