Re: Anyone get this message from Paypal?
[Re: TJP]
#2978278
10/25/21 03:58 PM
10/25/21 03:58 PM
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Joined: Jan 2003
Posts: 17,872 albany ny
05dakota
I Live Here
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I Live Here
Joined: Jan 2003
Posts: 17,872
albany ny
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law has been on books since mid 1980s, just more enforcement
5549 post on old board
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Re: Anyone get this message from Paypal?
[Re: TJP]
#2978310
10/25/21 05:37 PM
10/25/21 05:37 PM
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Joined: Jan 2003
Posts: 10,943 North Dakota
6PakBee
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I Live Here
Joined: Jan 2003
Posts: 10,943
North Dakota
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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".
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Re: Anyone get this message from Paypal?
[Re: 05dakota]
#2978388
10/25/21 09:11 PM
10/25/21 09:11 PM
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Joined: Jan 2003
Posts: 15,848 Omaha Ne
TJP
I Live Here
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I Live Here
Joined: Jan 2003
Posts: 15,848
Omaha Ne
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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
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Re: Anyone get this message from Paypal?
[Re: TJP]
#2978610
10/26/21 02:35 PM
10/26/21 02:35 PM
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Joined: Feb 2005
Posts: 534 SW CO
HemiSportFury
mopar
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mopar
Joined: Feb 2005
Posts: 534
SW CO
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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
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Re: Anyone get this message from Paypal?
[Re: HemiSportFury]
#2978611
10/26/21 02:46 PM
10/26/21 02:46 PM
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Joined: Aug 2019
Posts: 10,093 Super Spudsville
Mr PotatoHead
Half Baked
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Half Baked
Joined: Aug 2019
Posts: 10,093
Super Spudsville
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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!
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Re: Anyone get this message from Paypal?
[Re: TJP]
#2978640
10/26/21 04:18 PM
10/26/21 04:18 PM
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Joined: Dec 2003
Posts: 23,299 Here
jcc
If you can't dazzle em with diamonds..
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If you can't dazzle em with diamonds..
Joined: Dec 2003
Posts: 23,299
Here
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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.
" All sorts of things can happen when you are open to new Ideas" Inventor of Kevlar
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Re: Anyone get this message from Paypal?
[Re: jcc]
#2978673
10/26/21 05:21 PM
10/26/21 05:21 PM
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Joined: Jan 2003
Posts: 26,292 United Socialist States of Ame...
tboomer
Too Many Posts
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Too Many Posts
Joined: Jan 2003
Posts: 26,292
United Socialist States of Ame...
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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...
Need your rear end checked out? Contact Grizzly!!
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Re: Anyone get this message from Paypal?
[Re: tboomer]
#2978674
10/26/21 05:24 PM
10/26/21 05:24 PM
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Joined: Aug 2019
Posts: 10,093 Super Spudsville
Mr PotatoHead
Half Baked
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Half Baked
Joined: Aug 2019
Posts: 10,093
Super Spudsville
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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!
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Re: Anyone get this message from Paypal?
[Re: tboomer]
#2978739
10/26/21 08:57 PM
10/26/21 08:57 PM
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Joined: Dec 2003
Posts: 23,299 Here
jcc
If you can't dazzle em with diamonds..
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If you can't dazzle em with diamonds..
Joined: Dec 2003
Posts: 23,299
Here
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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.
" All sorts of things can happen when you are open to new Ideas" Inventor of Kevlar
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Re: Anyone get this message from Paypal?
[Re: jcc]
#2979052
10/27/21 09:32 PM
10/27/21 09:32 PM
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Joined: Jan 2003
Posts: 15,848 Omaha Ne
TJP
I Live Here
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I Live Here
Joined: Jan 2003
Posts: 15,848
Omaha Ne
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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.
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Re: Anyone get this message from Paypal?
[Re: TJP]
#2979078
10/27/21 10:28 PM
10/27/21 10:28 PM
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Joined: Dec 2003
Posts: 23,299 Here
jcc
If you can't dazzle em with diamonds..
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If you can't dazzle em with diamonds..
Joined: Dec 2003
Posts: 23,299
Here
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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.
" All sorts of things can happen when you are open to new Ideas" Inventor of Kevlar
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Re: Anyone get this message from Paypal?
[Re: Mastershake340]
#2983918
11/10/21 07:37 PM
11/10/21 07:37 PM
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Joined: Jan 2003
Posts: 10,030 Wisconsin
Aero426
I Live Here
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I Live Here
Joined: Jan 2003
Posts: 10,030
Wisconsin
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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.
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Re: Anyone get this message from Paypal?
[Re: Aero426]
#2983974
11/10/21 09:56 PM
11/10/21 09:56 PM
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Joined: Jan 2003
Posts: 15,848 Omaha Ne
TJP
I Live Here
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I Live Here
Joined: Jan 2003
Posts: 15,848
Omaha Ne
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Re: Anyone get this message from Paypal?
[Re: Aero426]
#2984066
11/11/21 11:11 AM
11/11/21 11:11 AM
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Joined: Jan 2003
Posts: 2,263 New York
rarefish
top fuel
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top fuel
Joined: Jan 2003
Posts: 2,263
New York
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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.
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Re: Anyone get this message from Paypal?
[Re: rarefish]
#2984096
11/11/21 12:42 PM
11/11/21 12:42 PM
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Joined: Jan 2003
Posts: 15,848 Omaha Ne
TJP
I Live Here
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I Live Here
Joined: Jan 2003
Posts: 15,848
Omaha Ne
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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.
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