Starting in 2011, all US payment providers including PayPal will be required by the Internal Revenue Service (IRS) to report sales information to the IRS about certain customers who receive payments for the sale of goods or services through PayPal.
Applies to sellers receiving over $20,000 in gross payment volume AND over 200 payments
Applies only for sales on or after January 1, 2011
Questions? Login to your account or call 1-888-221-1161
https://cms.paypal.com/us/cgi-bin/marke ... s/IRS6050W
FYI: New Law For Online Sellers
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FYI: New Law For Online Sellers
by Copper Catcher » Mon Aug 08, 2011 3:01 pm
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Copper Catcher - Too Busy Posting to Hoard Anything Else
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Re: FYI: New Law For Online Sellers
by WizardTN » Mon Aug 08, 2011 3:23 pm
I think you folks should look seriously at the P2P accounts that many banks are starting to offer.
Mine just started ZashPay. I already had an account before the bank started. The bank is charging $1 while the fee in the direct site is .75.
PopMoney is not charging yet but probably will. The problem with them is you have to have it set up thru your bank to send, no direct accounts.
Neither of them charge to recieve. The fee is only on the send.
The settlements are done thru the ACH so it will probably take 1-2 business days for it to show directly into your bank account.
Mine just started ZashPay. I already had an account before the bank started. The bank is charging $1 while the fee in the direct site is .75.
PopMoney is not charging yet but probably will. The problem with them is you have to have it set up thru your bank to send, no direct accounts.
Neither of them charge to recieve. The fee is only on the send.
The settlements are done thru the ACH so it will probably take 1-2 business days for it to show directly into your bank account.
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Re: FYI: New Law For Online Sellers
by 68Camaro » Mon Aug 08, 2011 4:06 pm
Explain more, please, if you can. Assume I'm a dummy on this (I am).
In the game of Woke, the goal posts can be moved at any moment, the penalties will apply retroactively and claims of fairness will always lose out to the perpetual right to claim offense.... Bret Stephens
The further a society drifts from the truth, the more it will hate those that speak it. George Orwell.
We can ignore reality, but we cannot ignore the consequences of ignoring reality. Ayn Rand.
The further a society drifts from the truth, the more it will hate those that speak it. George Orwell.
We can ignore reality, but we cannot ignore the consequences of ignoring reality. Ayn Rand.
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68Camaro - Too Busy Posting to Hoard Anything Else
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Re: FYI: New Law For Online Sellers
by WizardTN » Mon Aug 08, 2011 4:46 pm
Start your research here:
https://www.zashpay.com
The banks are giving PP a run for the money. This and PopMoney are the 2 I know of. There is another member that commented in another post I did on this that they use INGDirect for the same thing. I do not know if they go thru one of these or have their own system.
Research is in order.
https://www.zashpay.com
The banks are giving PP a run for the money. This and PopMoney are the 2 I know of. There is another member that commented in another post I did on this that they use INGDirect for the same thing. I do not know if they go thru one of these or have their own system.
Research is in order.
- WizardTN
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Re: FYI: New Law For Online Sellers
by Thogey » Mon Aug 08, 2011 4:58 pm
If you guys are going to move more than 20K between banks you'd better have your accounting squared away.
If you get audited and that money came from thin air, you will pay the maximum tax on it.
SE tax is about 15% then you get the privilege of paying fed income tax and state and local tax.
If you get audited and that money came from thin air, you will pay the maximum tax on it.
SE tax is about 15% then you get the privilege of paying fed income tax and state and local tax.
If I have the gift of prophesy, and know all mysteries and all knowledge, and if I have all faith, so as to move mountains but do not have love I am nothing. And if I give all my possessions to feed the poor, and if I surrender my body to be burned but do not have love it profits me nothing.
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Re: FYI: New Law For Online Sellers
by WizardTN » Mon Aug 08, 2011 5:21 pm
Personally, I would love to take the banks and the govt. comepletly out of the loop. If there is a strong enough "bond of trust" in a "community" either on or offline, then a P2P system like RipplePay would work well.
Who do you trust? And for how much?
Who do you trust? And for how much?
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