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New tax law for B/S and eBay sellers....

post #1 of 29
11/29/10 at 9:36pm
Thread Starter 
Just saw this pop up on my Paypal account today. I know it was only a matter of time until the government tried to get their hands in the pot. With the over $20,000 gross sales thing, it won't affect the small/middle time sellers, but I know there are some big-time sellers on here who make that much who will be affected. https://cms.paypal.com/us/cgi-bin/ma...ng_us/IRS6050W " Starting in 2011, all U.S. payment providers including PayPal will be required by the IRS to report sales information about certain merchants to the IRS. We want to help you understand these changes. * Applies to merchants receiving over $20,000 in gross sales volume AND 200 payments or more * Applies only for sales beginning on January 1, 2011"
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post #2 of 29
11/29/10 at 9:38pm
of course ... jesus
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post #3 of 29
11/29/10 at 9:42pm
Those bastards. How dare they expect people who make money on the internet to pay their taxes like the rest of us?
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post #4 of 29
11/29/10 at 10:32pm
Quote:
Originally Posted by MrG View Post
Those bastards. How dare they expect people who make a substantial amount of money on the internet to pay their taxes like the rest of us?

FTFY. +1 though.
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post #5 of 29
11/30/10 at 12:00am
eBay is the biggest, most public grey market in the world. I'm not surprised the feds are finally wading into that revenue stream.
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post #6 of 29
11/30/10 at 12:39am
This is going to hurt Ebay and more importantly me! People like myself will find ways to bypass Ebay/Paypal all together. I don't mind paying taxes, but $20,000 in sales isn't even that much.
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post #7 of 29
11/30/10 at 12:40am
Quote:
Originally Posted by MrG View Post
Those bastards. How dare they expect people who make money on the internet to pay their taxes like the rest of us?

Lol....But tru dat!
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post #8 of 29
11/30/10 at 12:43am
Gotta pay for the health care for illegal immigrants somehow.
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post #9 of 29
11/30/10 at 12:46am
giant fucking faceplam . Here comes endless paperwork.
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post #10 of 29
11/30/10 at 1:17am
Small-timers. $20,000 in 200 payments means your items are only worth $100 on average. This will affect grandma selling her figurines more than teh Keetone sellers. Looks like Washington has our back after all.
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post #11 of 29
11/30/10 at 1:50am
No, its when you cross the threshold of either criteria.
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post #12 of 29
11/30/10 at 1:51am
It is about time internet businesspeople were made to pay their fair share, instead of exploiting loopholes that are not available to the rest of us.
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post #13 of 29
11/30/10 at 1:53am
this makes me happy.
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post #14 of 29
11/30/10 at 2:15am
Quote:
Originally Posted by Douglas View Post
It is about time internet businesspeople were made to pay their fair share, instead of exploiting loopholes that are not available to the rest of us.

This. Hopefully it will stop those stupid commercials on tv during the middle of the day. Unless it's that asian guy from the '80's with all the women in the bikinis on his mega yacht, it sucks.
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post #15 of 29
11/30/10 at 2:22am
oh you nerds,theres such a easy way around this,has been for years just go stealth
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