Previous Thread
Next Thread
Print Thread
Page 2 of 3 1 2 3
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
0
05dakota Offline
I Live Here
05dakota  Offline
I Live Here
0

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 Offline
I Live Here
6PakBee  Offline
I Live Here

Joined: Jan 2003
Posts: 10,666
North Dakota
Originally Posted by TJP
Originally Posted by Rhinodart
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... mad


I strongly AGREE with your comment about a
Quote
cashless society
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 whistling
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 twocents


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: 15,193
Omaha Ne
T
TJP Offline
I Live Here
TJP  Offline
I Live Here
T

Joined: Jan 2003
Posts: 15,193
Omaha Ne
Originally Posted by 05dakota
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 shruggy

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 Offline
mopar
HemiSportFury  Offline
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: 9,294
Super Spudsville
Mr PotatoHead Online rolleyes
Half Baked
Mr PotatoHead  Online Rolleyes
Half Baked

Joined: Aug 2019
Posts: 9,294
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
J
jcc Offline
If you can't dazzle em with diamonds..
jcc  Offline
If you can't dazzle em with diamonds..
J

Joined: Dec 2003
Posts: 22,695
Bitopia
Originally Posted by TJP
Originally Posted by 05dakota
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 shruggy

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...
T
tboomer Offline
Too Many Posts
tboomer  Offline
Too Many Posts
T

Joined: Jan 2003
Posts: 25,851
United Socialist States of Ame...
Originally Posted by jcc
Originally Posted by TJP
Originally Posted by 05dakota
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 shruggy

I would question the knowledge of the claimer, would like to see somethin to back up the claim.



Of course you would... eyes


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: 9,294
Super Spudsville
Mr PotatoHead Online rolleyes
Half Baked
Mr PotatoHead  Online Rolleyes
Half Baked

Joined: Aug 2019
Posts: 9,294
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: Mr PotatoHead] #2978683
10/26/21 05:48 PM
10/26/21 05:48 PM
Joined: Jan 2021
Posts: 327
delhi,il
T
trw1982 Offline
enthusiast
trw1982  Offline
enthusiast
T

Joined: Jan 2021
Posts: 327
delhi,il
my dad got a 1099 from paypal last year. he tried to claim the stuff he bought as an offset. no go as he was not a registered tax business. as far as the 600 goes, back in the mid 80's, if you won anything at the dragstrip over 600.00, you got a 1099 at the end of the year. under 599.99, you did not have to claim it. now dragstrips make you fill out stuff when you win in case you win again.

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
J
jcc Offline
If you can't dazzle em with diamonds..
jcc  Offline
If you can't dazzle em with diamonds..
J

Joined: Dec 2003
Posts: 22,695
Bitopia
Originally Posted by tboomer
Originally Posted by jcc
Originally Posted by TJP
Originally Posted by 05dakota
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 shruggy

I would question the knowledge of the claimer, would like to see somethin to back up the claim.



Of course you would... eyes

And proud of it, thanks for noticing. up


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: 15,193
Omaha Ne
T
TJP Offline
I Live Here
TJP  Offline
I Live Here
T

Joined: Jan 2003
Posts: 15,193
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 shruggy
thanks for any FACTUAL input or sources to learn more about this beer

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
J
jcc Offline
If you can't dazzle em with diamonds..
jcc  Offline
If you can't dazzle em with diamonds..
J

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.

bump

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: jcc] #2979804
10/30/21 08:27 AM
10/30/21 08:27 AM
Joined: Jan 2003
Posts: 5,587
Detroit area
6PAX Offline OP
master
6PAX  Offline OP
master

Joined: Jan 2003
Posts: 5,587
Detroit area
I was just looking through the community forum on Paypal for any posts on this subject and found this. There weren't any replies to it though.

IRS Requirements
by DianeS23 in Security and Fraud
‎Oct-28-2021 07:44 AM
Did anyone else get an email titled "Act now to meet the new IRS requirement" and stating "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." This is NOT a new IRS requirement/law and is simply being discussed as a possibility by the house. In fact, current discussions have the limit at $10,000 - not $600. Is Paypal jumping the gun? do they not understand? or are they trying to collect information they don't need "just in case"? are they trying to signal some political statement? Honestly, it's making me lose some trust in them. I'm not sure why they would try to collect this now when it's not a requirements - AND it's so clearly a political discussion right now. Does this mean they will prematurely SHARE our information with the IRS (or anyone else) too even if it is not a law? If so, what are they suggesting to share - ALL transactions if the sum is greater than $600?

Re: Anyone get this message from Paypal? [Re: 6PAX] #2979871
10/30/21 12:12 PM
10/30/21 12:12 PM
Joined: Jan 2003
Posts: 15,193
Omaha Ne
T
TJP Offline
I Live Here
TJP  Offline
I Live Here
T

Joined: Jan 2003
Posts: 15,193
Omaha Ne
Here is a couple of links with a bit more clarification for those interested

LINKY 1

LINKY 2
beer

Re: Anyone get this message from Paypal? [Re: TJP] #2983017
11/08/21 08:37 AM
11/08/21 08:37 AM
Joined: Jan 2003
Posts: 5,587
Detroit area
6PAX Offline OP
master
6PAX  Offline OP
master

Joined: Jan 2003
Posts: 5,587
Detroit area
Paypal sent me the message I posted in my first post once again today.

This link is from another thread in the unmoderated forum. https://www.nationalreview.com/2021/11/the-white-house-abandons-bank-reporting-plan-for-now/

So, I don't know what the deal is. I would like to know though so I can decide whether or not I am going to stop using Paypal for receiving payments when I sell parts.

Re: Anyone get this message from Paypal? [Re: 6PAX] #2983759
11/10/21 10:34 AM
11/10/21 10:34 AM
Joined: Jan 2005
Posts: 8,340
Crook County, ILL
Mastershake340 Offline
master
Mastershake340  Offline
master

Joined: Jan 2005
Posts: 8,340
Crook County, ILL
https://www.msn.com/en-us/money/sma...-here-s-what-it-means-for-you/ar-AAQvxXA
I'm still not sure why I received a 1099-K last year. I had about $2000 in Paypal transactions reported.
This year I have told people who want to send me money to make sure to use Friends and Family, but I am concerned now that I will still get a 1099K from Paypal in this January.

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
A
Aero426 Offline
I Live Here
Aero426  Offline
I Live Here
A

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: 15,193
Omaha Ne
T
TJP Offline
I Live Here
TJP  Offline
I Live Here
T

Joined: Jan 2003
Posts: 15,193
Omaha Ne
Would be nice if Uncle Joe looked into all the loopholes the top 10 or 20% use instead of going after 700-1000.00 some middle class schmuck makes selling his used junk on sleazebay or other apps I can agree with lowering the 20K threshold and number of transactions but 600.00 ?

down spank shout

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 Offline
top fuel
rarefish  Offline
top fuel

Joined: Jan 2003
Posts: 2,252
New York
Originally Posted by Aero426
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: 15,193
Omaha Ne
T
TJP Offline
I Live Here
TJP  Offline
I Live Here
T

Joined: Jan 2003
Posts: 15,193
Omaha Ne
Quote
I would not be surprised to see sellers only accepting money orders

iagree
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" whistling 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 whistling shruggy popcorn


Last edited by TJP; 11/11/21 12:46 PM.
Page 2 of 3 1 2 3






Powered by UBB.threads™ PHP Forum Software 7.7.1