Anyone get this message from Paypal?
#2976919
10/21/21 06:31 PM
10/21/21 06:31 PM
|
Joined: Jan 2003
Posts: 5,587 Detroit area
6PAX
OP
master
|
OP
master
Joined: Jan 2003
Posts: 5,587
Detroit area
|
I received an email today with this message from Paypal. Anyone else get it?
"Confirm your taxpayer status to meet a new IRS requirement The IRS will soon require anyone receiving $600 in payments for goods and services to confirm their taxpayer status. As someone who's received payments through PayPal, you'll need to confirm your taxpayer status by providing your Tax ID Number to meet the requirement and avoid any disruption to your account. Confirm Taxpayer Status 3 steps to add your Tax ID Number To meet the new IRS requirement, follow these steps for each of your PayPal accounts.
Log in through the Confirm Taxpayer Status button Choose your taxpayer status from the dropdown menu Enter your U.S. Tax ID Number, your name and your business type if it applies.
Then, if needed based on the amounts you've received, we will use the information you've provided to send you a Form-1099-K in January and share this information with the IRS.
If you've already entered your Tax ID Number, you may have received this email because your information doesn't match IRS records. Log in to confirm that it's correct. Sole proprietors and single-member LLCs: When confirming your taxpayer status, enter your individual name as it appears on line 1 of your 1040, 1040A, or 1040EZ. If you'd rather provide your Employer Identification Number, submit your Form W-9 together with proof of filing of Form 8832 to taxdocumentupload@paypal.com to ensure that what we provide on your 1099-K matches IRS records."
|
|
|
Re: Anyone get this message from Paypal?
[Re: 6PAX]
#2976932
10/21/21 07:09 PM
10/21/21 07:09 PM
|
Joined: Jan 2003
Posts: 12,796 East Bay, N. Cal.
calmopar
I Live Here
|
I Live Here
Joined: Jan 2003
Posts: 12,796
East Bay, N. Cal.
|
Do not click on any links in the email.
Go to PayPal the way you normally do and see if there is such a button.
Never click on email links if you have ANY doubt about the authenticity. Hell, I never click on them period.
Trying to enjoy life!
|
|
|
Re: Anyone get this message from Paypal?
[Re: poorboy]
#2976938
10/21/21 07:24 PM
10/21/21 07:24 PM
|
Joined: Aug 2019
Posts: 9,303 Super Spudsville
Mr PotatoHead
Half Baked
|
Half Baked
Joined: Aug 2019
Posts: 9,303
Super Spudsville
|
Could of this been slid in the last bill passed and no one was told? Seems so. https://lifehacker.com/is-the-irs-really-about-to-tax-your-venmo-paypal-and-1847795425 First, The American Rescue Plan Act, which was passed by Congress in March, has a provision that will go into effect on Jan. 1 that requires cash apps like Venmo, PayPal and Zelle to send information reports to merchants and the IRS regarding business transactions totaling more than $600. Oct 07, 2021 · Those posts refer to a provision in the American Rescue Plan Act, which goes into effect on January 1, 2022, according to which anyone receiving $600 per year using Venmo, PayPal, Zelle, or Cash App will receive a 1099-K and be required to report that income on their taxes. Sep 24, 2021 · The reporting requirement would extend to services such as Venmo and PayPal. There is an exception for accounts totaling less than $600. The justification is to catch more people cheating on their taxes--closing the “tax gap”--to bring in more money to pay for a portion of the Democrats’ socialist spending spree.
Last edited by Mr PotatoHead; 10/21/21 07:29 PM.
STOP POTATO HATE!
|
|
|
Re: Anyone get this message from Paypal?
[Re: 6PAX]
#2976942
10/21/21 07:30 PM
10/21/21 07:30 PM
|
Joined: Aug 2019
Posts: 9,303 Super Spudsville
Mr PotatoHead
Half Baked
|
Half Baked
Joined: Aug 2019
Posts: 9,303
Super Spudsville
|
Looks like I will be selling things on payments of 2-400 or just parts swapping.
STOP POTATO HATE!
|
|
|
Re: Anyone get this message from Paypal?
[Re: Mr PotatoHead]
#2976957
10/21/21 08:01 PM
10/21/21 08:01 PM
|
Joined: Jan 2003
Posts: 5,587 Detroit area
6PAX
OP
master
|
OP
master
Joined: Jan 2003
Posts: 5,587
Detroit area
|
Looks like I will be selling things on payments of 2-400 or just parts swapping. I haven't sold any individual parts close to $600 or more in value so I wonder if they mean $600 cumulatively for a specific period of time.
|
|
|
Re: Anyone get this message from Paypal?
[Re: 6PAX]
#2976998
10/21/21 09:16 PM
10/21/21 09:16 PM
|
Joined: Jan 2003
Posts: 15,194 Omaha Ne
TJP
I Live Here
|
I Live Here
Joined: Jan 2003
Posts: 15,194
Omaha Ne
|
Looks like I will be selling things on payments of 2-400 or just parts swapping. I haven't sold any individual parts close to $600 or more in value so I wonder if they mean $600 cumulatively for a specific period of time. It's already a done deal on ebay and it is 600.00 per year in sales, we can thank our elected officials who slid this in dry as the desert. Ebay sent a link to contact your state congressperson, legislator etc. to request a more reasonable number which I did but I cannot find it now I believe paypal venmo and just about every other like business is included starting jan. 2022 I'll refrain from any political comments
Last edited by TJP; 10/21/21 09:24 PM.
|
|
|
Re: Anyone get this message from Paypal?
[Re: fastmark]
#2977125
10/22/21 08:16 AM
10/22/21 08:16 AM
|
Joined: Aug 2003
Posts: 4,963 new jersey usa
11secdart
master
|
master
Joined: Aug 2003
Posts: 4,963
new jersey usa
|
I find this interesting... I don't use PayPal I have an item for sale here and on another website . I had a buyer that wanted to purchase it because I don't take PayPal he nixed the deal and wouldn't send a money order because he didn't trust me and had been " burned " before. Looks like now there might be even less people using it.
68 Dart 410 / 904 92 D150 original owner 21 Ram 1500 Quad Cab, Big Horn , Hemi ,4x4 23 Audi Q5 16 Honda HRV
|
|
|
Re: Anyone get this message from Paypal?
[Re: 11secdart]
#2977277
10/22/21 03:07 PM
10/22/21 03:07 PM
|
Joined: Dec 2003
Posts: 22,695 Bitopia
jcc
If you can't dazzle em with diamonds..
|
If you can't dazzle em with diamonds..
Joined: Dec 2003
Posts: 22,695
Bitopia
|
It may be a Paypal requirement in place now, BEFORE its required by IRS with passage of new pending legislation, in order so things do not come to a sudden halt as compliance is met by those sellers currently on paypal. Besides, PP likely never passes up a chance to gather more personal info on its seller. I would disregard until they start to hold funds personally. Optics wise, the $600 threshold has been in place for decades, the legislation could have been made more palatable if they had upped it to say $1000 or $1200, say for the reasons of "inflation", and slowly, as they often do, creep it back down over the next decade.
I also suspect this is a $600 annual threshold for PP seller, not a per sale threshold for buyer.
Reality check, that half the population is smarter then 50% of the people and it's a constantly contested fact.
|
|
|
Re: Anyone get this message from Paypal?
[Re: fastmark]
#2977353
10/22/21 07:28 PM
10/22/21 07:28 PM
|
Joined: Jan 2003
Posts: 8,390 Highland, MI.
Sunroofcuda
master
|
master
Joined: Jan 2003
Posts: 8,390
Highland, MI.
|
Well, I hope the voters get a belly full of this soon. They need to have an irs official booth set up at these stores in CA where all of the shoplifting is taking place.these legal thieves need to pay taxes on this merchandise they are taking. Two chances of that happening: none & none. Stores just need to start doing what 4 or 5 Walgreens in SF did - just shut them down. Time to start starving the beast.
No Man With A Good Car Needs To Be Justified
|
|
|
Re: Anyone get this message from Paypal?
[Re: Mastershake340]
#2977358
10/22/21 07:39 PM
10/22/21 07:39 PM
|
Joined: Jan 2003
Posts: 15,500 Norwich CT USA
moparts
I Live Here
|
I Live Here
Joined: Jan 2003
Posts: 15,500
Norwich CT USA
|
PayPal has been doing this as required by the IRS for awhile, you must just going over the min
Facebook Marketplace is also going to be doing this , because of the IRS
It's the same as sales tax getting added to eBay and Marketplace sales , They are forced to do it and nothing we can do with out changing the laws
Tom ,
2011 Ram 3500 C&C Diesel 2009 Challenger R/T 1971 Challenger Conv. 511/4 speed 1970 Challenger R/T 503/727
|
|
|
Re: Anyone get this message from Paypal?
[Re: Rhinodart]
#2977728
10/23/21 09:35 PM
10/23/21 09:35 PM
|
Joined: Jan 2003
Posts: 15,194 Omaha Ne
TJP
I Live Here
|
I Live Here
Joined: Jan 2003
Posts: 15,194
Omaha Ne
|
I think a resurgence of swap meets will happen in the near term until the cashless society is finally rammed down our throats in toto... I strongly AGREE with your comment about a and that is exactly what they are pushing for. I can understand the reasoning but their execution IMO is once again going after the poor and middle class while ignoring the loopholes for the uhh before I left ca n 94 they had people from the State franchise tax board cruising the swap meets logging License plate #'s. If one was caught selling at more than two (I think) swap meets a yearthey would classify you as a dealer and require you to get a tax license, start charging and reporting sales tax. A friend of mine blew them off, later got busted and was fined quite heavily. Absolute BS and time for another tea party folks
|
|
|
Re: Anyone get this message from Paypal?
[Re: TJP]
#2978278
10/25/21 03:58 PM
10/25/21 03:58 PM
|
Joined: Jan 2003
Posts: 17,861 albany ny
05dakota
I Live Here
|
I Live Here
Joined: Jan 2003
Posts: 17,861
albany ny
|
law has been on books since mid 1980s, just more enforcement
5549 post on old board
|
|
|
Re: Anyone get this message from Paypal?
[Re: TJP]
#2978310
10/25/21 05:37 PM
10/25/21 05:37 PM
|
Joined: Jan 2003
Posts: 10,666 North Dakota
6PakBee
I Live Here
|
I Live Here
Joined: Jan 2003
Posts: 10,666
North Dakota
|
I think a resurgence of swap meets will happen in the near term until the cashless society is finally rammed down our throats in toto... I strongly AGREE with your comment about a and that is exactly what they are pushing for. I can understand the reasoning but their execution IMO is once again going after the poor and middle class while ignoring the loopholes for the uhh before I left ca n 94 they had people from the State franchise tax board cruising the swap meets logging License plate #'s. If one was caught selling at more than two (I think) swap meets a yearthey would classify you as a dealer and require you to get a tax license, start charging and reporting sales tax. A friend of mine blew them off, later got busted and was fined quite heavily. Absolute BS and time for another tea party folks MN has something similar. Greed for that sales tax revenue.
"We live in a time when intelligent people are being silenced so that stupid people won't be offended".
|
|
|
Re: Anyone get this message from Paypal?
[Re: 05dakota]
#2978388
10/25/21 09:11 PM
10/25/21 09:11 PM
|
Joined: Jan 2003
Posts: 15,194 Omaha Ne
TJP
I Live Here
|
I Live Here
Joined: Jan 2003
Posts: 15,194
Omaha Ne
|
law has been on books since mid 1980s, just more enforcement With a requirement to report anything amounts totaling 600.00 or more ? I am not questioning you knowledge but rather trying to learn a bit more about what seems to be another stab at the middle class and poor
|
|
|
Re: Anyone get this message from Paypal?
[Re: TJP]
#2978610
10/26/21 02:35 PM
10/26/21 02:35 PM
|
Joined: Feb 2005
Posts: 528 SW CO
HemiSportFury
mopar
|
mopar
Joined: Feb 2005
Posts: 528
SW CO
|
The original reporting requirement was $10,000. Clearly a different target this time around.
'64 Sport Fury, 528 Hemi, FiTech EFI, 4-speed, 4.10 Dana 60 '57 Belvedere 2dr sedan, current project in process '19 Cherokee Trail Hawk Elite '03 Ram 2500 CTD HO, 6-speed 214,000 miles and still going strong
|
|
|
Re: Anyone get this message from Paypal?
[Re: HemiSportFury]
#2978611
10/26/21 02:46 PM
10/26/21 02:46 PM
|
Joined: Aug 2019
Posts: 9,303 Super Spudsville
Mr PotatoHead
Half Baked
|
Half Baked
Joined: Aug 2019
Posts: 9,303
Super Spudsville
|
Not sure how it works but ive sold on average 3-4k a year for the last many many years and never got a single tax doc in the mail.
STOP POTATO HATE!
|
|
|
Re: Anyone get this message from Paypal?
[Re: TJP]
#2978640
10/26/21 04:18 PM
10/26/21 04:18 PM
|
Joined: Dec 2003
Posts: 22,695 Bitopia
jcc
If you can't dazzle em with diamonds..
|
If you can't dazzle em with diamonds..
Joined: Dec 2003
Posts: 22,695
Bitopia
|
law has been on books since mid 1980s, just more enforcement With a requirement to report anything amounts totaling 600.00 or more ? I am not questioning you knowledge but rather trying to learn a bit more about what seems to be another stab at the middle class and poor I would question the knowledge of the claimer, would like to see somethin to back up the claim.
Reality check, that half the population is smarter then 50% of the people and it's a constantly contested fact.
|
|
|
Re: Anyone get this message from Paypal?
[Re: jcc]
#2978673
10/26/21 05:21 PM
10/26/21 05:21 PM
|
Joined: Jan 2003
Posts: 25,851 United Socialist States of Ame...
tboomer
Too Many Posts
|
Too Many Posts
Joined: Jan 2003
Posts: 25,851
United Socialist States of Ame...
|
law has been on books since mid 1980s, just more enforcement With a requirement to report anything amounts totaling 600.00 or more ? I am not questioning you knowledge but rather trying to learn a bit more about what seems to be another stab at the middle class and poor I would question the knowledge of the claimer, would like to see somethin to back up the claim. Of course you would...
The end is near.....
|
|
|
Re: Anyone get this message from Paypal?
[Re: tboomer]
#2978674
10/26/21 05:24 PM
10/26/21 05:24 PM
|
Joined: Aug 2019
Posts: 9,303 Super Spudsville
Mr PotatoHead
Half Baked
|
Half Baked
Joined: Aug 2019
Posts: 9,303
Super Spudsville
|
In many ways it really dont matter. Its in play and folks will pay. Like the common man has time to go through.... ummm. 2600 pages on the current wish list.
STOP POTATO HATE!
|
|
|
Re: Anyone get this message from Paypal?
[Re: tboomer]
#2978739
10/26/21 08:57 PM
10/26/21 08:57 PM
|
Joined: Dec 2003
Posts: 22,695 Bitopia
jcc
If you can't dazzle em with diamonds..
|
If you can't dazzle em with diamonds..
Joined: Dec 2003
Posts: 22,695
Bitopia
|
law has been on books since mid 1980s, just more enforcement With a requirement to report anything amounts totaling 600.00 or more ? I am not questioning you knowledge but rather trying to learn a bit more about what seems to be another stab at the middle class and poor I would question the knowledge of the claimer, would like to see somethin to back up the claim. Of course you would... And proud of it, thanks for noticing.
Reality check, that half the population is smarter then 50% of the people and it's a constantly contested fact.
|
|
|
Re: Anyone get this message from Paypal?
[Re: jcc]
#2979052
10/27/21 09:32 PM
10/27/21 09:32 PM
|
Joined: Jan 2003
Posts: 15,194 Omaha Ne
TJP
I Live Here
|
I Live Here
Joined: Jan 2003
Posts: 15,194
Omaha Ne
|
So, trying to get a bit more clarification on this. Does this 600.00 ebay, paypal blah blah blah threshold take effect on transactions in 2022 resulting in a 1099 in 2023 OR is it taking effect this year 2021 resulting in a 1099 for 2022 ? And does this affect ALL sellers / and paypal transactions IE: friends and family gifts? I do understand Uncle joe has backed off on the 600.00 bank transactions but not sure to what degree? I would've thought all of this would have stirred up a potful of protesting but seems relatively quiet. I also thought it would stir up a bunch of online fire sales thanks for any FACTUAL input or sources to learn more about this
Last edited by TJP; 10/27/21 09:34 PM.
|
|
|
Re: Anyone get this message from Paypal?
[Re: TJP]
#2979078
10/27/21 10:28 PM
10/27/21 10:28 PM
|
Joined: Dec 2003
Posts: 22,695 Bitopia
jcc
If you can't dazzle em with diamonds..
|
If you can't dazzle em with diamonds..
Joined: Dec 2003
Posts: 22,695
Bitopia
|
One thing I suspect you are overlooking, private companies might be able to legally require compliance all on their own. I do not know the factual reading on that or if it is even settled law on reporting. My suspicion is, if as others have mentioned it is already being implemented by the big players, unlikely they will back track, as its also likely on the horizon anyway as we head towards a cashless society. Asking for 'facts" here is pointless btw. Also remember, the original legislation if I understand it correctly, was for banks to report all $600+ transactions, which is now recently this week back up to $10,000?, banks in recent past were supposed to report any " suspicious" transactions over $10K to IRS, some just to cover their butts IMO reported all over $10k.. What has changed here, is IRS now has the ability to handle incredible amount of $600 transactions likely to be reported, and use them to reduce unreported income, and the fact the gov has a huge deficit. I also think the current legislation is more a "transaction" reporting requirement for banks, not income, in that I can withdraw $1000 ever day and redeposit the next day, every day of the year, and have zero income, that would not fit the normal 1099 format as income reporting.
Last edited by jcc; 10/27/21 10:34 PM.
Reality check, that half the population is smarter then 50% of the people and it's a constantly contested fact.
|
|
|
Re: Anyone get this message from Paypal?
[Re: Mastershake340]
#2983918
11/10/21 07:37 PM
11/10/21 07:37 PM
|
Joined: Jan 2003
Posts: 10,030 Wisconsin
Aero426
I Live Here
|
I Live Here
Joined: Jan 2003
Posts: 10,030
Wisconsin
|
Yes, the Pay Pal thing wanting your tax ID number is real.
As part of the Covid relief bill, our leaders slid in a provision that lowers the threshold to generate a 1099 on electronic payments to a flat $600. Currently, a 1099 is not generated until both 200 transactions and $20k in electronic payments are met. This changes at the end of 2021. It doesn't change the tax reporting requirements. But it is going to close the revenue gap in unreported income and people will have to account for payments for goods and services on their tax return. I do not think that F & F money transfers will be subject to the reporting.
People have been making a big deal of the potential of the IRS looking into your bank accounts, which is not law. Well this 1099 thing is already law and it has not gotten much traction with people. For casual online sellers it's going to catch folks by surprise as we move into next year.
Last edited by Aero426; 11/10/21 07:37 PM.
|
|
|
Re: Anyone get this message from Paypal?
[Re: Aero426]
#2983974
11/10/21 09:56 PM
11/10/21 09:56 PM
|
Joined: Jan 2003
Posts: 15,194 Omaha Ne
TJP
I Live Here
|
I Live Here
Joined: Jan 2003
Posts: 15,194
Omaha Ne
|
|
|
|
Re: Anyone get this message from Paypal?
[Re: Aero426]
#2984066
11/11/21 11:11 AM
11/11/21 11:11 AM
|
Joined: Jan 2003
Posts: 2,252 New York
rarefish
top fuel
|
top fuel
Joined: Jan 2003
Posts: 2,252
New York
|
Yes, the Pay Pal thing wanting your tax ID number is real.
As part of the Covid relief bill, our leaders slid in a provision that lowers the threshold to generate a 1099 on electronic payments to a flat $600. Currently, a 1099 is not generated until both 200 transactions and $20k in electronic payments are met. This changes at the end of 2021. It doesn't change the tax reporting requirements. But it is going to close the revenue gap in unreported income and people will have to account for payments for goods and services on their tax return. I do not think that F & F money transfers will be subject to the reporting.
People have been making a big deal of the potential of the IRS looking into your bank accounts, which is not law. Well this 1099 thing is already law and it has not gotten much traction with people. For casual online sellers it's going to catch folks by surprise as we move into next year.
You are spot on with your post.... I too have been following news on the up coming changes to the new $600 threshold for when one will receive a 1099-K I would not be surprised to see sellers only accepting money orders, etc. instead of PayPal payments next year.
|
|
|
Re: Anyone get this message from Paypal?
[Re: rarefish]
#2984096
11/11/21 12:42 PM
11/11/21 12:42 PM
|
Joined: Jan 2003
Posts: 15,194 Omaha Ne
TJP
I Live Here
|
I Live Here
Joined: Jan 2003
Posts: 15,194
Omaha Ne
|
I would not be surprised to see sellers only accepting money orders I have been thinking about this and it will be interesting to see how it plays out. EBay, PayPal and the others will take a BIG HIT once this becomes common knowledge. The above will likely delay shipment till the funds clear and there will be no moneyback guarantee which will open the door for more scammers. I am surprised that these organizations didn't have enough "influence" to change the numbers to something a bit more reasonable for all. But possibly they were asleep or too busy raking in the $$ My understanding at this time is that F&F transfers are excluded but that also blows the money back deal A couple of possibilities would be prepaid visa etc. cards or the feasibility of setting up a transfer system outside the US
Last edited by TJP; 11/11/21 12:46 PM.
|
|
|
Re: Anyone get this message from Paypal?
[Re: Mastershake340]
#2984305
11/11/21 10:09 PM
11/11/21 10:09 PM
|
Joined: Jan 2003
Posts: 15,194 Omaha Ne
TJP
I Live Here
|
I Live Here
Joined: Jan 2003
Posts: 15,194
Omaha Ne
|
Don't know much about them. How does one buy and sell ? Are commissions involved ?? Is it digital currency How do you convert back to us Dollars if wanted? When doing so is that tracked or reported?
|
|
|
Re: Anyone get this message from Paypal?
[Re: 1fastrunner]
#2984672
11/12/21 10:08 PM
11/12/21 10:08 PM
|
Joined: Jan 2003
Posts: 15,194 Omaha Ne
TJP
I Live Here
|
I Live Here
Joined: Jan 2003
Posts: 15,194
Omaha Ne
|
Be careful when clicking links from "PayPal" The email from one I got the other day was paypl.com And always go directly to the site or google before even opening the message. And 99.9% of the time the address is something like PAYPALnotice@schmuck.com
|
|
|
Re: Anyone get this message from Paypal?
[Re: TJP]
#2984868
11/13/21 04:14 PM
11/13/21 04:14 PM
|
Joined: Jan 2003
Posts: 2,252 New York
rarefish
top fuel
|
top fuel
Joined: Jan 2003
Posts: 2,252
New York
|
For those who want to know. Here is a link from PayPal's site that answers a lot of the questions about 1099-K reporting changes that will go into effect on January 1, 2021 https://newsroom.paypal-corp.com/20...ing-Requirements-Your-Questions-AnsweredUpdated: The change goes into affect on January 1, 2022 and and not 2021 as I stated above...
Last edited by rarefish; 11/15/21 11:38 AM.
|
|
|
Re: Anyone get this message from Paypal?
[Re: TJP]
#2985370
11/15/21 11:41 AM
11/15/21 11:41 AM
|
Joined: Jan 2003
Posts: 2,252 New York
rarefish
top fuel
|
top fuel
Joined: Jan 2003
Posts: 2,252
New York
|
Uhh did you mean January 1, 2022 ? Thanks for pointing that out. I have edited my original post. I'm usually only off by only a month or two, but a year is not good....
|
|
|
Re: Anyone get this message from Paypal?
[Re: dk426]
#2987001
11/19/21 10:13 PM
11/19/21 10:13 PM
|
Joined: Jan 2003
Posts: 15,194 Omaha Ne
TJP
I Live Here
|
I Live Here
Joined: Jan 2003
Posts: 15,194
Omaha Ne
|
they want all 600 dollars deal to let irs know deposits withdraws any thing you buy but i think it didnt pass the 600.00 bank account monitoring did not but the paypla, venmo, ebay thing did and will take effect 1-1-22
|
|
|
Re: Anyone get this message from Paypal?
[Re: Mastershake340]
#2999395
12/29/21 07:43 AM
12/29/21 07:43 AM
|
Joined: Dec 2021
Posts: 1 London
Lemair
member
|
member
Joined: Dec 2021
Posts: 1
London
|
It seems like this message is fake. I suggest you do not pay or have any transactions indicated in that email because you may be stolen by money or even have your bank details or personal data leaked. This happened to my mother when she had to perform an ein number. A gang of hackers sent you an email suggesting that she left the data in the form. Of course, they were going to take advantage of her. Thanks to the state support, she identified that it was a fake message and, in fact, understood that EIN is done only once and is always valid, without the need to re-enter the data in any form.
Last edited by Lemair; 01/03/22 11:32 AM.
|
|
|
Re: Anyone get this message from Paypal?
[Re: 6PAX]
#2999595
12/29/21 05:16 PM
12/29/21 05:16 PM
|
Joined: Jan 2003
Posts: 2,252 New York
rarefish
top fuel
|
top fuel
Joined: Jan 2003
Posts: 2,252
New York
|
Since I originally posted this topic, I have received the email from Paypal I mentioned 4 or 5 times, most recently a couple of days ago. When this takes effect in a few days I am done with Paypal. I don't really care if I am paid by a money order, etc. for parts I sell but I will miss using Paypal to pay for things I am purchasing. I'm thinking that for those in the know about the new lower IRS reporting threshold that can trigger a 1099-K at the end of the next year will probably stop taking PayPal payments. Accepting only money orders will be the new norm.
|
|
|
Re: Anyone get this message from Paypal?
[Re: rarefish]
#2999669
12/29/21 08:31 PM
12/29/21 08:31 PM
|
Joined: Jul 2006
Posts: 1,287 New Jersey
Powerflow
pro stock
|
pro stock
Joined: Jul 2006
Posts: 1,287
New Jersey
|
Since I originally posted this topic, I have received the email from Paypal I mentioned 4 or 5 times, most recently a couple of days ago. When this takes effect in a few days I am done with Paypal. I don't really care if I am paid by a money order, etc. for parts I sell but I will miss using Paypal to pay for things I am purchasing. I'm thinking that for those in the know about the new lower IRS reporting threshold that can trigger a 1099-K at the end of the next year will probably stop taking PayPal payments. Accepting only money orders will be the new norm. Will PayPal Friends and Family be considered taxable income? They're really 'gifts'....
|
|
|
Re: Anyone get this message from Paypal?
[Re: Powerflow]
#2999722
12/29/21 10:02 PM
12/29/21 10:02 PM
|
Joined: Jan 2003
Posts: 15,194 Omaha Ne
TJP
I Live Here
|
I Live Here
Joined: Jan 2003
Posts: 15,194
Omaha Ne
|
Will PayPal Friends and Family be considered taxable income? They're really 'gifts'.... At this time they are not. But I suspect that may change. In addition, I suspect Paypal may start charging fees for those transactions as it will likely be used to avoid Uncle Joe's gret idea. Some selling formats like sleazebay are going to require the funds be paid through them and they will of course charge an additional fee and in some case sit on the $$ for up to 30 days. But they claim they're not making any additional money while sitting on it. Sure I believe that, who wouldn't ? I mean after all it's an HONEST American company right Rumor has it they may change the name to GREEDBAY I honestly hope uncle joe's idea buries the company
|
|
|
Re: Anyone get this message from Paypal?
[Re: fastmark]
#3000047
12/30/21 06:19 PM
12/30/21 06:19 PM
|
Joined: Jul 2003
Posts: 6,342 SE PA.
QuickBpBp
master
|
master
Joined: Jul 2003
Posts: 6,342
SE PA.
|
Well, I hope the voters get a belly full of this soon. They need to have an irs official booth set up at these stores in CA where all of the shoplifting is taking place.these legal thieves need to pay taxes on this merchandise they are taking. They do have to report what they stole.. LMAO
|
|
|
|
|