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wierdscience
05-23-2010, 06:56 PM
If you sell online or off and use Paypal,card services or e-payments,you have another form to file with the IRS.

http://www.taxgirl.com/online-merchants-brace-for-new-reporting-requirements/

winchman
05-23-2010, 07:15 PM
http://i949.photobucket.com/albums/ad339/captainkirk666999/pelosi-obama1.jpg

MTNGUN
05-23-2010, 08:03 PM
New form or not, you'd be a fool not to report income from credit cards, paypal, etc., since there are records for those things, and you'd be a fool to assume that big brother doesn't already have access to those records. The form merely makes it official.

Dr Stan
05-23-2010, 08:14 PM
Winchman,

Keep your damn politics off this forum.

vpt
05-23-2010, 08:17 PM
Whats next, charge tax on emails?

nheng
05-23-2010, 08:28 PM
This is not new but it is a disgusting reminder that while the govt wants to track every last penny of yours, they pi$$ away our tax dollars and our children's children's income to what is now hundreds of Billion$ at a time instead of Million$.

Disgusting but change is in the air. The weather usually changes in the fall but this fall will be dramatic ;)

macona
05-23-2010, 11:07 PM
Your exempt for under 20k so I doubt most of us will have to worry about it.

wierdscience
05-23-2010, 11:49 PM
Your exempt for under 20k so I doubt most of us will have to worry about it.

Wait,not that easy,the term "may" is in there-

"Exemptions may apply in certain circumstances, such as if the total payments settled for the year are less than $20,000."

Then there is this jewel-

"The form 1099-K will report the gross amount paid out to the taxpayer with no adjustments for fees or chargebacks (an issue that is, admittedly problematic)."

In typical fashion they have crafted tax law that is nebulous at the least and clear as mud in the worst.Also in typical fashion they stuffed it into two completely un-related bills both of which are chaulk full of legalese.

The term "sausage making" was brought up during the debate.I can't wait to see what else they stuffed in:mad: