NEW 2011 IRS PAYPAL LAW, 200 TRANSACTIONS HELP

[Dynamite_Deals]

HI,

I am just wondering what they mean by each transaction, does this includes all bank transfers? Personal payments? ATM withdrawalS, ETC. . . .? Or only counts towards the 200 transactions for only money received for an sale and a fee have been deducted, for instance a sale through eBay?  I transfer funds into my bank account weekly sometimes twice a week.  I just want to make sure if these count towards the transaction count or not.  Also same for the ATM withdrawal does it count towards the 200 limit as well?

Thanks!

[shriekman]

Do all of you have an accountant for filing taxes?  I'm just wondering if this is something I can do myself or if I might get more insight into deductibles by using an accountant? 

Thanks for any thoughts you might have on this subject.

[Dynamite_Deals]

Hi, Is paypal and ebay your only source of income? Because i work full time and pay all my fed, social,state tax deducted from my paycheck biweekly, i never reported my paypal earnings before. I only used my accountant just to do the w2s from my employer. As the ebay i do i made a mistake on not keeping any record what so ever from what i paid for my inventory thinking that i didnt have to file paypal taxes. I dont see how they can tax the international paypal'ers. After all the fees and operationg cost and the accountant paperwork, i dont think i can actually profit from this, thinking i might stop ebaying.

[zachary1988]

Thinking of closing my ebay also. Most of my sales are to help people get sewing machine parts. Not really making any money. I am retired so I can just do the flee market. No IRS people standing there counting the money. Yard sale does pretty good also. I still think it is "200 Transactions and $20,000.00" Correct me if i am wrong. That way I can close my account sooner.

Thanks

[Dynamite_Deals]

From what i've read at paypal's website, PP will automatically report your transcations to the IRS if you meet the "200 Transactions and $20,000.00" criteria. and if you don't meet both of those criterias you suppose to report it mandatory.  I am just not too clear of what this really means? Aren't paypal'ers suppose to report all earnings anyways?  So why enforce with the "200 Transactions and $20,000.00"?

[zachary1988]

1 Plastic sewing machine bobbin-$4.05, Frees shipping-$1.59, 1 box-$.18, 5 miles round trip to the post ofice. Figure the Profit on that one.

What is the TAX?

Thanks

Zachary

[jleininger27]

I am curious how this is going to affect me. 

I run group buys on a parenting group. I basically act as the middle man between the members of our group and the vendor. We get a discount on items for our group if we meet certain volume. I take payments from members of our parenting group and turn around and send payment to the vendor and items are shipping to me and I disperse to the group. I am making nothing off doing this other than getting a discount on the items. 

Is paypal going to send this to the IRS. I easily have over 200 transactions and 20K. Last year I had over 200K go through my paypal account and I have no clue how many transactions, but I would say probably close to 1000. 

[wackedout]

Everyone CONTACT your Congressman and Senators IMMEDIATELY!

This new regulation / law along with other taxation laws was passed under the cover of darkness while the country was sound asleep in a 2000+ page Financial Bill. Obama stated he would NOT tax anyone making under $250,000, guess what he LIED! He knew he lied but he also knew people had a little Homer Simpson in them and he could pass this bill because most Americans do not pay attention to politics or laws. We vote and trust the people we elect.

Here's the thing:  if you contact your Representatives in the House & Senate and ask them NOT TO FUND the 16,000 new employees scheduled to be hired by the IRS, we MIGHT and I say MIGHT lightly be able to STOP this madness!

Congress has to fund all new laws & bills and if Congress REFUSES to fund them we can STOP this INSANITY! We still have a few things left we can do but if you don't get involved and contact your Reps we cannot stop this.

This new Internet Regulation is worse then anything you can imagine! It is not just about Paypal, it's about giving up our freedoms.  When you give your social security up, your done! They are currently taxing the middle class into oblivion and redistributing the money to the political elite, to big business and foreign countries......ALL who just steal our hard earned money. They want a poor class and an elite class. If your making under $250,000 you need to start yelling to the top of your lungs, if you make over $250,000 you need to shout to the top of your lungs!

The ONLY way to STOP it is to contact your REPS TODAY!

Are you having a hard time making ends meet, did you lose your job and this is your way of earning money to survive, groceries are rising, gas is rising, power is rising and on & on! Pray to GOD first and then CONTACT your Congressman & Senators, tell them you are asking them not to fund the hiring of 16,000 new IRS Agents and to NOT Regulate the Internet, especially with an unemployment rate as high as 25% in some states and a national average of 9+%. Tell them your situation!

Tell them to REPEAL the Financial Bill and the Healthcare Bill! Folks nothing is FREE and if you don't stand up with your mouth NOW it will be a very short time and you'll be in a food line somewhere! We the people are the only thing standing between our freedom and no freedom! If they have all your money, they then have your ability to feed, clothe and house yourself. When they have it all you can do nothing! I mean nothing! Think it can't happen????? You'd be wrong, it's happened all through history and if the people don't stand up, that means YOU, then we will LOSE!

God Bless You & God Bless America!

PLEASE WAKE UP "WE THE PEOPLE"

REMEMBER YOUR AMERICAN WITH A RIGHT TO VOTE, NO INVOLVEMENT AND YOU WILL LOSE THOSE RIGHTS!

[Windyman55]

I see where you got your handle at guy. Once again...This bill was signed 2 1/2 years ago when BUSH was in office. HE SIGNED IT...DO THE RESEARCH

it's been in the works and due to go in effect for that long. DO SOME HOME WORK. 

A smarter man than me once said.

"It is better to remain silent and only appear stupid. Than to open ones mouth and remove all doubt"

---

@wackedout wrote:

Everyone CONTACT your Congressman and Senators IMMEDIATELY!

This new regulation / law along with other taxation laws was passed under the cover of darkness while the country was sound asleep in a 2000+ page Financial Bill. Obama stated he would NOT tax anyone making under $250,000, guess what he LIED! He knew he lied but he also knew people had a little Homer Simpson in them and he could pass this bill because most Americans do not pay attention to politics or laws. We vote and trust the people we elect.

Here's the thing:  if you contact your Representatives in the House & Senate and ask them NOT TO FUND the 16,000 new employees scheduled to be hired by the IRS, we MIGHT and I say MIGHT lightly be able to STOP this madness!

Congress has to fund all new laws & bills and if Congress REFUSES to fund them we can STOP this INSANITY! We still have a few things left we can do but if you don't get involved and contact your Reps we cannot stop this.

This new Internet Regulation is worse then anything you can imagine! It is not just about Paypal, it's about giving up our freedoms.  When you give your social security up, your done! They are currently taxing the middle class into oblivion and redistributing the money to the political elite, to big business and foreign countries......ALL who just steal our hard earned money. They want a poor class and an elite class. If your making under $250,000 you need to start yelling to the top of your lungs, if you make over $250,000 you need to shout to the top of your lungs!

The ONLY way to STOP it is to contact your REPS TODAY!

Are you having a hard time making ends meet, did you lose your job and this is your way of earning money to survive, groceries are rising, gas is rising, power is rising and on & on! Pray to GOD first and then CONTACT your Congressman & Senators, tell them you are asking them not to fund the hiring of 16,000 new IRS Agents and to NOT Regulate the Internet, especially with an unemployment rate as high as 25% in some states and a national average of 9+%. Tell them your situation!

Tell them to REPEAL the Financial Bill and the Healthcare Bill! Folks nothing is FREE and if you don't stand up with your mouth NOW it will be a very short time and you'll be in a food line somewhere! We the people are the only thing standing between our freedom and no freedom! If they have all your money, they then have your ability to feed, clothe and house yourself. When they have it all you can do nothing! I mean nothing! Think it can't happen????? You'd be wrong, it's happened all through history and if the people don't stand up, that means YOU, then we will LOSE!

God Bless You & God Bless America!

PLEASE WAKE UP "WE THE PEOPLE"

REMEMBER YOUR AMERICAN WITH A RIGHT TO VOTE, NO INVOLVEMENT AND YOU WILL LOSE THOSE RIGHTS!

---