Question
From an email from them a couple days ago.
"Notice Date: March 4, 2004
Effective Date: April 13, 2004
Effective May 2004, PayPal will require U.S. Premier and Business users who receive more than $2,000.00 USD a month in payment volume through PayPal over three consecutive months to provide supplemental information about their businesses including business categorization, sales venue and business URL information. "
I'd expected some discussion of this but haven't noticed any, anywhere. My apologies if I missed it. To me, this sounds like they're getting ready to transfer info to the IRS if usage goes beyond a certain level, or at least doing a CYA so they have it ready to go in the case of larger users.
Answer
Discussed already somewhere.
They are not required to send this info to the IRS. Therefore, they will not do it.
Answer
<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by vinyl1:
Discussed already somewhere.
They are not required to send this info to the IRS. Therefore, they will not do it. <HR></BLOCKQUOTE>
When the IRS asks...and they will...PayPal will have to comply.
Answer
And so will eBay. It's only a matter of time. Anyone selling for profit as a business better be keeping good records. Remember how far back the IRS can go if they decide to audit you.
Answer
Absolutely, Meya. I really think a lot of "money order only" folks think they can skate...that it's the same as cash...invisible. Nope. EBay has a trail of every transaction...no matter how it's paid for.
All the IRS has to do is ask...and somewhere down the line, they will.
Answer
You guys are under all kinds of misapprehensions.
Let's take the example of banks reporting interest paid to the IRS.
Step one, Congress passes a law requiring banks to report such information. They appropriate hundreds of millions of dollars so the IRS can modify their computer systems to receive it. Banks spend millions of dollars modifying their systems to feed the IRS according to the required specifications. After several years, they get everything working, and hundreds of millions of accounts are reported to the IRS.
Now, there is currently no requirement for banks to report the credit card revenue of their customers to the IRS. Congress could pass a law requiring it, but their would be heavy lobbying and all kinds of debate. Then it would take several years to implement.
If you volunteered to send such information to the IRS, they would tell you to bug off. They have no way to receive it, and nowhere to put it.
Now, of course, if an individual were suspected of fraud, and they discovered such an individual had a merchant account, or a PayPal account, they might subpoena the account, but that's an entirely different thing from what we're talking about here.
Answer
It's all just a matter of time.
Answer
I heard about this a while ago...http://community.here.com/infopop/em...s/icon_eek.gif
Just about everyone wants to nickle and dime us to death