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  1. formerly Woodman woodman's Avatar
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    Dec 27, 2010, 12:38 PM - PP will reporting to the IRS in 2011... #1

    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.
  2. slave1pilot is offline slave1pilot
    Dec 27, 2010, 12:42 PM - Re: PP will reporting to the IRS in 2011... #2

    Correct
    The AND part is very important .
    You must make over $20,000 AND have more than 200 transactions Thru Paypal to be reported.
  3. TreppFett's Avatar
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    Dec 27, 2010, 1:01 PM - Re: PP will reporting to the IRS in 2011... #3

    Well its a good thing Im Canadian and that I dont do 20 k in sales
  4. thrax's Avatar
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    Dec 27, 2010, 1:09 PM - Re: PP will reporting to the IRS in 2011... #4

    Thx! Good info. I have one of PP's business accounts.
  5. Sentry02's Avatar
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    Dec 27, 2010, 1:55 PM - Re: PP will reporting to the IRS in 2011... #5

    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.
  6. slave1pilot is offline slave1pilot
    Dec 27, 2010, 1:59 PM - Re: PP will reporting to the IRS in 2011... #6

    I believe so Brad
    It only counts the incoming cash flow
  7. Sentry02's Avatar
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    Dec 27, 2010, 2:11 PM - Re: PP will reporting to the IRS in 2011... #7

    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; Dec 27, 2010 at 2:16 PM.
  8. formerly Woodman woodman's Avatar
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    Dec 27, 2010, 8:44 PM - Re: PP will reporting to the IRS in 2011... #8

    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; Dec 27, 2010 at 8:57 PM.
  9. Sentry02's Avatar
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    Dec 27, 2010, 8:53 PM - Re: PP will reporting to the IRS in 2011... #9

    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
  10. formerly Woodman woodman's Avatar
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    Dec 27, 2010, 11:31 PM - Re: PP will reporting to the IRS in 2011... #10

    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.
  11. redkraytdragon's Avatar
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    Dec 30, 2010, 4:11 AM - Re: PP will reporting to the IRS in 2011... #11

    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
  12. SarlaccBits's Avatar
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    Jan 4, 2011, 4:03 PM - Re: PP will reporting to the IRS in 2011... #12

    Hmmm... interesting...

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