Paypal
Thread Starter
|
Senior User
Joined: Apr 2009
Posts: 148
Likes: 0
From: Bunker Hill, WV
Paypal
There's a hidden feature in the health care plan reguarding for those who dont know. So here it is. Starting January 2011 paypal is required to report to IRS your earnings when using paypal. Thought you ebay sellers or sellers that use paypal would like to know this.
Post Fiend
Joined: Feb 2002
Posts: 10,600
Likes: 3
From: Carhenge
It's not hidden and it's not part of the healthcare bill, it's part of the Housing and Economic Recovery Act of 2008. They only have to report users who have both $20,000 or more in total payments and more than 200 total transactions.
Laughing Gas
Joined: Jul 2010
Posts: 1,025
Likes: 1
From: Clearwater Fl.
Trending Topics
Elder User
Joined: Jul 2003
Posts: 717
Likes: 0
What's disturbing about it? Banks are required to report financial information. Your employer is required to report income. This simply allows the IRS access to the more egregious sellers who "forget" to report income from such things as Ebay, Amazon auctions, whatever. You have always been required to report it and most folks don't. At least they set a fairly high threshold, although once they see how much they get off of it they may lower the bar....but again it's just to ensure that people are properly reporting their income.
FTE Stories
Ford Trucks for Ford Truck Enthusiasts
2027 Ford Super Duty Buyer's Guide (Every Model, Engine, & Package)
Brett Foote
Top 10 Ford Truck Tragedies
Joe Kucinski
AEV FXL Super Duty - the Super Duty Raptor Ford Doesn't Make
Brett Foote
Lobo Vs Lobo: Proof the F-150 Lobo Should Be Even Lower!
Michael S. Palmer
Ford's 2001 Explorer Sportsman Concept Looks For a New Home
Verdad Gallardo
10 Best Ford Truck Engines We Miss the Most!
Joe Kucinski
2026 Shelby F-150 Off-Road: Better Than a Raptor R?
Brett Foote
2027 Super Duty Carhartt Package First Look: 12 Things You NEED to Know!
Michael S. Palmer
10 Most Surprising 2026 Ford Truck Features!
Joe Kucinski
Post Fiend
Joined: Mar 2009
Posts: 6,243
Likes: 2
From: Chicago and Mt Carroll IL
What's disturbing about it? Banks are required to report financial information. Your employer is required to report income. This simply allows the IRS access to the more egregious sellers who "forget" to report income from such things as Ebay, Amazon auctions, whatever. You have always been required to report it and most folks don't. At least they set a fairly high threshold, although once they see how much they get off of it they may lower the bar....but again it's just to ensure that people are properly reporting their income.
Elder User
Joined: Jul 2003
Posts: 717
Likes: 0
Nothing sinister there unless someone is afraid of their own shadow.
Post Fiend
Joined: Mar 2009
Posts: 6,243
Likes: 2
From: Chicago and Mt Carroll IL
Many of us just prefer a greater degree of control over the sharing of our personal information, financial or otherwise. Dig into the health care bill if you want a taste of database sharing to the extreme. Btw, I am an employer and am more than familiar with realistic income reporting requirements.
Nothing sinister or paranoid. Just a voice for preserving what little privacy integrity remains.
Nothing sinister or paranoid. Just a voice for preserving what little privacy integrity remains.
Elder User
Joined: Jul 2003
Posts: 717
Likes: 0
Many of us just prefer a greater degree of control over the sharing of our personal information, financial or otherwise. Dig into the health care bill if you want a taste of database sharing to the extreme. Btw, I am an employer and am more than familiar with realistic income reporting requirements.
Nothing sinister or paranoid. Just a voice for preserving what little privacy integrity remains.
Nothing sinister or paranoid. Just a voice for preserving what little privacy integrity remains.
I agree that there should be great care exercised in the sharing of our personal information
BUT you are required to report all income to the IRS. People were dodging that so now Paypal has to report it. The information being shared, while personal, is information that the gov't is entitled to.
Laughing Gas
Joined: Jul 2010
Posts: 1,025
Likes: 1
From: Clearwater Fl.
Here is a link you might want to check out.
New Law May Prove Taxing for PayPal and for eBay Sellers
New Law May Prove Taxing for PayPal and for eBay Sellers
Post Fiend
Joined: Mar 2009
Posts: 6,243
Likes: 2
From: Chicago and Mt Carroll IL
I agree that there should be great care exercised in the sharing of our personal information BUT you are required to report all income to the IRS. People were dodging that so now Paypal has to report it. The information being shared, while personal, is information that the gov't is entitled to.
BUT you are required to report all income to the IRS. People were dodging that so now Paypal has to report it. The information being shared, while personal, is information that the gov't is entitled to.Particularly at this point in time...LESS GOVERNMENT IS BETTER GOVERNMENT.
I'll do it....bump to the club.
Thread
Thread Starter
Forum
Replies
Last Post
