If you dont already know PP will be reporting to the IRS for 2011. They will be reporting if you take in money more than 200 transactions and if you make more than $20,000.
Discussion on PP will reporting to the IRS in 2011... within the The Sarlacc Pit forum, part of the Community category; If you dont already know PP will be reporting to
If you dont already know PP will be reporting to the IRS for 2011. They will be reporting if you take in money more than 200 transactions and if you make more than $20,000.
Correct
The AND part is very important .
You must make over $20,000 AND have more than 200 transactions Thru Paypal to be reported.
Well its a good thing Im Canadian and that I dont do 20 k in sales
Thx! Good info. I have one of PP's business accounts.
I assume this only has to do with sales transactions and that purchase transactions don't count. Is this accurate?
Brad
EDIT: I'm reading about it and I'm trying to figure out if they're tracking it in 2010 to submit in Jan of 2011 or if they're tracking in 2011 to submit in Jan of 2012? Anyone know? I'd never heard of this and it is a cause for concern for me for sure as I hadn't heard of this before now.
I believe so Brad
It only counts the incoming cash flow
Based on what I have read so far about it, it appears that they are going to start tracking this stuff in 2011 for posting in 2012 (and not that they were tracking it this year for posting in 2011). It looks like I will cease to exist as a seller for the most part after 12/31/10. Not that I ever hit either mark, but I'll make darn sure I don't now. I guess at the end of the day it was only a matter of time. I've not been a fan of the e-Bay double dipping for some time and now with the potential for the additional cut being taken...it won't be worth it for me.
Brad
CONFIRMED: HERE
Last edited by Sentry02; 12-27-2010 at 12:16 PM.
I am very unsure from the wording if it means both or not. I am trying to find info that is more current that the Paypal Blog page. I will say this Paypal hasnt bothered to send me an email about it and I met both parts this last year. It seems like they would at least send out an email. I will be moving toward more payments with money orders from people in the states at least.
That's the same page I found when I read about them reporting on the Legion board wish they had some info with a more current date, Aug 5, 2008, how about an update.
Last edited by woodman; 12-27-2010 at 06:57 PM.
The law that will go into effect for 2011 isn't "or", but "and". According to what I have found today, it must be 200 transactions and more than $20k. Otherwise, it could be $200 worth of $1 transactions and that would be ludicrous. At least it isn't the $600 it was originally intended to be.
Brad
I read the same page but the info is from Aug 5, 2008. I would really like to read something more current but I cant find anything.
This is great info, thanks for posting this. Although I have easily made more than 200 transactions, I haven't done anywhere near 20k, even so...very pertinent information for the vendors. Thanks again
Hmmm... interesting...
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