Interesting thing about eBay taxes

[hawkdriver]

I was talking to my accountant yesterday and one of the "Oh, I almost forgot to tell you" items was that he has received information that either this year, or next, eBay and other places that charge fees to sell your items will have to start sending you tax statements if your sales exceed a certain amount, he thought $600. This will not impact those places such as this board that only proctor the meeting but have no interest in the final fee.

This is going to put a crimp on eBay. Anyone want to bet there will be a lot of: "before you purchase this item, contact me" so they can conduct the transaction around eBay? I'm also betting that the "gift" option in PayPal will become a much more controlled item as well.

[mrhell]

:mad: additional info:

 

http://ebay-stores-etc.blogspot.com/2008/0...o-irs-ebay.html

 

 

http://www.govtrack.us/congress/bill.xpd?b...amp;tab=summary

 

Section 3091 -

Requires payment settlement entities (e.g., banks and third party settlement organizations) to report identifying information and the gross amount of reportable payment transactions (i.e., payment card and third party network transactions) to the Internal Revenue Service (IRS).

[Sabrejet]

As Mark Twain once famously said...."The only two certainties in life are death and taxes."

[carbinephalen]

"less than 200 payments"

 

As in less than $200 in payments or less than 200 transactions where you received payment? Any thoughts fellas?

[rmoore456]

"less than 200 payments"

 

As in less than $200 in payments or less than 200 transactions where you received payment? Any thoughts fellas?

 

Since the first line mentions $20,000, I am thinking 200 transactions.

 

Ray

[hawkdriver]

Sunday, August 10, 2008

Paypal Has To Report To IRS (eBay Sellers)

The new Housing and Economic Recovery Act signed into law requires Paypal and others to report to the IRS. This law will take affect in 2011 and will be reported in 2012 for the 2011 tax year.

 

You are excluded from having your info reported if:

 

1. If you receive less than $20,000 a year in payments; and

2. If you have less than 200 payments.

[ajbUSWM]

Sunday, August 10, 2008

Paypal Has To Report To IRS (eBay Sellers)

The new Housing and Economic Recovery Act signed into law requires Paypal and others to report to the IRS. This law will take affect in 2011 and will be reported in 2012 for the 2011 tax year.

 

You are excluded from having your info reported if:

 

1. If you receive less than $20,000 a year in payments; and

2. If you have less than 200 payments.

 

"The Housing and Economic Recovery Act of 2008 (Pub.L. 110-289, 122 Stat. 2654, enacted July 30, 2008) (commonly referred to as HERA) designed primarily to address the subprime mortgage crisis. It authorized the Federal Housing Administration to guarantee up to $300 billion in new 30-year fixed rate mortgages for subprime borrowers if lenders write-down principal loan balances to 90 percent of current appraisal value"

 

The new eBay regulation is "expected" to raise and extra $1 billion a year in tax revenues to compensate for $7 TRILLION dollar subprime mortage fiasco started in 1978 by the Carter Administration and expanded in the 1990s under Bill Clinton. You do the math... in 7,000 years will will pay off the subprime mortgage collapse created by the same people who wrote this bill. No wonder the rest of the world thinks we are in decline.

 

In the famous words of Senator Ted Kennedy "We can afford it!" Turns out, we can't afford it. Luckily this is just in time for the 2012 election... thank you for that. Vote accordingly.

[MAW]

"The Housing and Economic Recovery Act of 2008 (Pub.L. 110-289, 122 Stat. 2654, enacted July 30, 2008) (commonly referred to as HERA) designed primarily to address the subprime mortgage crisis. It authorized the Federal Housing Administration to guarantee up to $300 billion in new 30-year fixed rate mortgages for subprime borrowers if lenders write-down principal loan balances to 90 percent of current appraisal value"

 

The new eBay regulation is "expected" to raise and extra $1 billion a year in tax revenues to compensate for $7 TRILLION dollar subprime mortage fiasco started in 1978 by the Carter Administration and expanded in the 1990s under Bill Clinton. You do the math... in 7,000 years will will pay off the subprime mortgage collapse created by the same people who wrote this bill. No wonder the rest of the world thinks we are in decline.

 

In the famous words of Senator Ted Kennedy "We can afford it!" Turns out, we can't afford it. Luckily this is just in time for the 2012 election... thank you for that. Vote accordingly.

 

+1

 

Blood sucking crack whores that haven't ACTUALLY passed an annual budget for what...2, 3 years now? Give them everything you have and it will never, ever, be enough.

[Dave]

Okay, okay, okay................................

Moderator jumping in here.

 

Keep it civil and non-partisan and on topic or we have to lock the thread.

 

Thanks!

 

Dave

[Golem]

*grumble* I'm still waiting on someone to sue them for including shipping costs in their "final value fee" calculations.

[Jack's Son]

I wonder when ebay will start to charge a buyer's premeium?? :pinch:

[The Meatcan]

I wonder when ebay will start to charge a buyer's premeium?? :pinch:

ssssshhhh! don't go giving them any ideas!

Terry

[AirMechanic]

When you purchase items from ebay, or somewhere else, and send a payment through paypal, will they eventually have to report or monitor that too so the government can charge sales tax as well?

[ajbUSWM]

When you purchase items from ebay, or somewhere else, and send a payment through paypal, will they eventually have to report or monitor that too so the government can charge sales tax as well?

 

In order to coverup their overspending, congress is looking at ways to force an Internet sales tax. Of course, once they secure yet another new tax, they will spend even more until they need another new tax. This death spiral has been going on since the 1970s.

 

If you want to see where this cycle leads, read "The Road to Serfdom" by F.. A. Hayek. It isn't pretty and we are heading there at record speed. The so-called "1%" cannot make a dent in our overspending problem.

 

So the "1%" will expend to the "5%" to the "10% (anyone making over $120,000)" to the "30% (anyone making over $70,000)" and so on. Each time they will replay the arguments we have heard over the past 12 months including from President Obama himself. It's all a charade. More taxes will only lead to out-of-control spending, more cronyism, more corruption and worse.

 

We are becoming Greece. Reset all government spending back to 2006 and fix the problem overnight.

[hawkdriver]

When you purchase items from ebay, or somewhere else, and send a payment through paypal, will they eventually have to report or monitor that too so the government can charge sales tax as well?

 

 

The interesting thing about that is that you will get taxed twice, on the eBay sale, then on the PayPal transfer.

[ajbUSWM]

The interesting thing about that is that you will get taxed twice, on the eBay sale, then on the PayPal transfer.

 

It must be a mistake. Congress would never tax us twice for the same transation would they? The Democrats just added the death tax back in so that makes it three times. If you count original earnings, it is four times. If the Democrats get their VAT tax, it will be five times.

 

As for the death tax... Barney Frank said who cares if there is a death tax ... "the heirs didn't earn the money anyway" (neither did Barney Frank). It is a level of arrogance not seen since 1775.

[Dave]

I got notified my company was about to get taxed on our amazon.com purchases by the state! I could see how the state could be bent out of shape by the fact that we buy so much off amazon, but considering we're almost an hour away from any major store (30+ minutes away from anything) and I can get everything with free 2-day shipping, and at prices cheaper than in the stores, there's no reason I shouldn't buy off amazon. The state just doesn't get their sales taxes though... :pinch: (Our corporate tax people took care of it...I don't know what they did or what they worked out, or even if we might be paying tax now, but anyway...)

[ajbUSWM]

I got notified my company was about to get taxed on our amazon.com purchases by the state! I could see how the state could be bent out of shape by the fact that we buy so much off amazon, but considering we're almost an hour away from any major store (30+ minutes away from anything) and I can get everything with free 2-day shipping, and at prices cheaper than in the stores, there's no reason I shouldn't buy off amazon. The state just doesn't get their sales taxes though... :pinch: (Our corporate tax people took care of it...I don't know what they did or what they worked out, or even if we might be paying tax now, but anyway...)

 

Yes... but if our governments (state and federal) behaved like responsible adults... we already have plenty of funds to run the country. What we do not have is extra money of all their pet projects, bribes, scams (think subprime mortgages) and workers who retire at 42 with a $100,000 lifetime pension.

 

We do not have a tax revenue problem... we ONLY have a spending problem. When they cut all budgets back to 2006 levels... then we'll talk about tax issues. The 1% tax charade of late is a smokescreen so we don't notice their reckless spending.

 

If any of us ran a business like congress and the president run the country, we would all be in jail. But of course their solution is to blame us for NOT paying THEM enough to support their spending habits. It is a level of arrogance and ignorance not seen since 1775... thus the new tea party.

[doyler]

When you purchase items from ebay, or somewhere else, and send a payment through paypal, will they eventually have to report or monitor that too so the government can charge sales tax as well?

 

 

You can guarantee they watch it.I gringe at the reports on TV of the holiday spending totals and then they break that down to on line sales.You know very well that the wheels are just spinning knowing that state and fedeal tax coffers are missing out on collecting tax.

[doyler]

Yes... but if our governments (state and federal) behaved like responsible adults... we already have plenty of funds to run the country. What we do not have is extra money of all their pet projects, bribes, scams (think subprime mortgages) and workers who retire at 42 with a $100,000 lifetime pension.

 

We do not have a tax revenue problem... we ONLY have a spending problem. When they cut all budgets back to 2006 levels... then we'll talk about tax issues. The 1% tax charade of late is a smokescreen so we don't notice their reckless spending.

 

If any of us ran a business like congress and the president run the country, we would all be in jail. But of course their solution is to blame us for NOT paying THEM enough to support their spending habits. It is a level of arrogance and ignorance not seen since 1775... thus the new tea party.

 

 

I totally agree.Its a spending problem.The only way they seem to address it is find new ways to tax people

[atb]

Yes... but if our governments (state and federal) behaved like responsible adults... we already have plenty of funds to run the country. What we do not have is extra money of all their pet projects, bribes, scams (think subprime mortgages) and workers who retire at 42 with a $100,000 lifetime pension.

 

We do not have a tax revenue problem... we ONLY have a spending problem. When they cut all budgets back to 2006 levels... then we'll talk about tax issues. The 1% tax charade of late is a smokescreen so we don't notice their reckless spending.

 

If any of us ran a business like congress and the president run the country, we would all be in jail. But of course their solution is to blame us for NOT paying THEM enough to support their spending habits. It is a level of arrogance and ignorance not seen since 1775... thus the new tea party.

Specifically, what workers are those? Do you mean elected officials or Federal employees? Please, some specific examples.

[ajbUSWM]

I totally agree.Its a spending problem.The only way they seem to address it is find new ways to tax people

 

Yes... think of a chronic alcoholic near death from liver damage, saying he just needs another fifth of Jack Daniels the the world will be a better alright. Of course we know better.

 

That is our government today. When President Obama says we just need to tax the 1% (which will resolve nothing of course) ... he is drunk with power... and killing our liver (capitalism) ... all the while blaming the doctors for giving them bad news they have to stop drinking (tea party).

[3rdeye]

alright we are getting political here fellas,,this is against forum rules,,,everytime I post something even close to this

it gets yanked,,,,I agree with whats being said but if I put my 2 cents in it will get closed

[ajbUSWM]

MERRY CHRISTMAS

[Jack's Son]

............I agree with whats being said but if I put my 2 cents in it will get closed

I think we're okay on this one. We're talking about the "government" this time, not an individual.

We're ALL getting screwed equally! :w00t: