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Online Sellers Face New IRS Rules (Attn Paypal users)
The Wall Street Journal (excerpt, subscription) ^
| July 30, 2008
| Martin Vaughn
Posted on 07/29/2008 6:47:22 PM PDT by HAL9000
Excerpt -
If you regularly sell items on online auction sites, you may find yourself on the Internal Revenue Service's radar. Recent legislation aims to help the IRS collect more taxes from online enterprises, many of which either don't know about their tax obligations or are ignoring them, according to the agency. The provision, part of the housing rescue package that President George W. Bush is expected to sign within days, will require PayPal and other processors of online payments to report annual gross receipts to the IRS for all but the smallest online merchants.
~ snip ~
(Excerpt) Read more at online.wsj.com ...
TOPICS: Government; News/Current Events
KEYWORDS: bigbrother; ebay; irs; paypal; privacy; taxes
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To: politicket
Barter web sites might become the new way of doing business.In theory barter is also subject to income tax.
41
posted on
07/30/2008 9:16:44 AM PDT
by
Still Thinking
(Quis custodiet ipsos custodes?)
To: o_zarkman44
I still have the option to not accept Paypal if I so desire.As I understand it, you no longer have that option if you list in certain categories. Eventually, it will not be an option in ANY category.
42
posted on
07/30/2008 9:20:17 AM PDT
by
Fresh Wind
(Five Year Plans and New Deals, wrapped in golden chains...)
To: Still Thinking
Obviously you can tell them in the body of the auction you don't accept Paypal and they will need to send you a check or money order. And, of course, the first time you do that, someone will insist on using PayPal. And eBay will back them up.
43
posted on
07/30/2008 9:23:18 AM PDT
by
Fresh Wind
(Five Year Plans and New Deals, wrapped in golden chains...)
To: Still Thinking
In theory barter is also subject to income tax.
That's very true. I'm just thinking that the barter web site would just charge a "membership" fee, thereby keeping if free from tracking and/or reporting the financial aspects of any "transactions".
44
posted on
07/30/2008 9:44:17 AM PDT
by
politicket
(If it defaults, call Rit something else and sell more of it.)
To: Fresh Wind
Well, it’s what I do and it certainly won’t happen “the first time”. I’m sure there are customers who will do that and you’ll have to put up with it but at least 90% will abide by your wishes if you tell them up front, thus cutting your Paypal exposure by the same amount.
45
posted on
07/30/2008 5:12:28 PM PDT
by
Still Thinking
(Quis custodiet ipsos custodes?)
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