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PP to begin reporting to IRS in 2011


woodman
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anyone read about this yet? PP will be reporting any account activity above 200 transactions and/or a gross total balance of or over $20,000. Not all in the account at once but when you reach one or the other they will report it to the IRS. I am floored over this. I may not do much business here but I do at TDH and this will really put the jam on me(I am sure it will many of you also). One thing I dont understand is since it's an IRS thing is it fair that they dont have to turn in people outside the US. I am not blowing the whistle on those people just trying to make a point that they are not paying so why should we? Looks like I am going to be watching my account like a hawk and requesting payment by money order alot more.

I am not a great fan of taxes though I more than understand the need for them but come on they are going to all but ruin any coin runs or patch runs since they are sometimes in the 100 plus transactions.

end of rant...Woodman

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they have had this in the works for a few years now...disappointing that it will finally become a reality. However, business schools are saying the quickest way to become a millionaire is through an ebay store and if none of them are paying taxes, the traditional working people are forced to pick up the tab

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There are already a lot of taxes we have to pay in Mexico for internet transactions and for money exchange with third parties.

If I use PP to send money to the US, they charge me an over price of probably 2% all around, extra to any PP fee. And there are only so many banks or credit cards that actually work with PP.

There is also a tax for transactions in cash to banks or companies higher than the equivalent of 2000 USD. They do that here so that they can control money laundry (is that how it is said?) from the drug cartels. Also, to control or at least identify transactions to the US and from the US.

Paypal transactions (or any other electronic ones) could not be taxed if the server, domain and all the bank accounts link to PP accounts were set in countries outside the user's. But then, I guess real banks would not trust those transactions, and users would not trust them either.

So... Its a shame, it really is.

Specially when citizens pay for what companies, governments and banks don't.

Saludos.

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