Posted on 09/20/2010 2:08:47 PM PDT by theBuckwheat
Starting next year Paypal will have to start reporting to the IRS. The selling limits will be 200 items or $20K before they report. This tax change was part of the ’08 stimulus.
Reporting on 200 items annually is a real killer. That’s a mere 17 items a month. We’ve already shut our eBay business down. It's simply not worth the effort. ... . The draft Form 1099-K for 2011 implements payments reporting to the IRS for PayPal and credit card merchants, much as already happens with forms W-2 or 1099-MISC for employees and independent contractors. ...
Starting in 2011, therefore, sellers will be expected to report gross payments via online or credit card payments that coincide with reported 1099-K amounts, then to make adjustments to account for expenses and cash equivalents, fees, chargebacks, refunds, and so on.
(Excerpt) Read more at globaleconomicanalysis.blogspot.com ...
November or Never, and I mean really never.
It’s about $60 for a tax ID, so crate a few entities and stop selling at 190 items each. there is nothing illegal about that, is there?
Barry Soetoro and his boys want their cut. Reminds me of the old Chicago mob when Capone was running the show.
Notice how they shove a lot of things into a bill and then give it a nice-sounding name?
They really want ALL money to pass through their corrupt hands so they can take as much as they want and give the rest to us.
Great news for those out of work due to Obamanomics who are emptying their garages & attics on Ebay for grocery money.
They can’t even be original with that—it’s Orwellian.
you would think this was satire but it's not
HOPE N CHANGE BABY
It’s about $60 for a tax ID, so crate a few entities and stop selling at 190 items each. there is nothing illegal about that, is there?
Anyone who has a part time business selling online will sell over 17 items a month or it wouldn’t be worth doing.
Craigslist.
Almost all of their bills were not fully written before being passed. That is why they won’t let the bills be read before passing. Remember Nazi Pelosi saying we have to pass the bill to know what is in it.
They passed the bills and are writing in what they want.
We are so screwed with Obama for 2 more years.
This begs for some enterprising person to build an eBay clone outside of the US that incorporates some of the digital electronic currencies like Pecunix (but sadly, not e-gold), and Liberty Reserve.
That explains the proliferation of overseas sellers (particularly asian nations) on Ebay.
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