Taxes - PayPal, other credit card processors reporting income (gross receipts) to IRS - Page 4

imthatguy · 09-02-2008, 11:58 AM

Does merchant accounts actually report to the IRS your income. i have heard and read some conflicting accounts that they dont not until the year 2011..
Housing relief act lets IRS see merchants' credit, debit card sales - CreditCards.com

Floridian · 09-02-2008, 12:22 PM

I just recently read an article in the Tampa Biz Journal, which you might find interesting.

IRS may get reports on credit card payments from processors - Tampa Bay Business Journal:

imthatguy · 09-02-2008, 07:11 PM

humm thanks..

anonymous · 09-04-2008, 04:39 AM

There was a question about paypal business versus personal and it's a good question- i haven't delved into the actual act myself, just read the articles. There also have been questions, maybe in other threads about 1099's... currently if you have a bank account or brokerage acct... a 1099 is sent for individuals' income, but something similar is often sent only to the business that looks like a 1099 but is just a courtesy- no business income gets reported directly to the IRS currently. The thresholds for deposits is for catching $ cleaning plain and simple. While the agencies "could" share info, it's not the purpose.

There should be no discussions here or anywhere else regarding what these threshholds are or how to stay under the radar in this way. The maximum penalties are stiff even if you unknowingly help someone. Modee is correct in that it aint the tax man, and the last thing you want is to look suspicious for a far more serious reason than you thought- especially in today's environment.

09-02-2008, 11:58 AM	#61 (permalink)
imthatguy eBay Enthusiast iTrader: (0) Join Date: May 2008 Posts: 99 Thanks: 0 Thanked 1 Time in 1 Post Activity: 17% Longevity: 26%	Merchant doesnt or does report to IRS? Does merchant accounts actually report to the IRS your income. i have heard and read some conflicting accounts that they dont not until the year 2011.. Housing relief act lets IRS see merchants' credit, debit card sales - CreditCards.com

09-02-2008, 12:22 PM	#62 (permalink)
Floridian eBay Newbie iTrader: (0) Join Date: Jul 2008 Location: Land of the free and home of the entrepreneur Posts: 48 My Mood: Thanks: 0 Thanked 1 Time in 1 Post Activity: 0% Longevity: 16%	I just recently read an article in the Tampa Biz Journal, which you might find interesting. IRS may get reports on credit card payments from processors - Tampa Bay Business Journal: __________________ - I like you. You remind me of myself when I was young and stupid -

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09-02-2008, 07:11 PM	#63 (permalink)
imthatguy eBay Enthusiast iTrader: (0) Join Date: May 2008 Posts: 99 Thanks: 0 Thanked 1 Time in 1 Post Activity: 17% Longevity: 26%	humm thanks..

09-04-2008, 04:39 AM	#64 (permalink)
anonymous Subscribed Member iTrader: (0) Join Date: Aug 2008 Posts: 56 My Mood: Thanks: 0 Thanked 0 Times in 0 Posts Activity: 0% Longevity: 14%	There was a question about paypal business versus personal and it's a good question- i haven't delved into the actual act myself, just read the articles. There also have been questions, maybe in other threads about 1099's... currently if you have a bank account or brokerage acct... a 1099 is sent for individuals' income, but something similar is often sent only to the business that looks like a 1099 but is just a courtesy- no business income gets reported directly to the IRS currently. The thresholds for deposits is for catching $ cleaning plain and simple. While the agencies "could" share info, it's not the purpose. There should be no discussions here or anywhere else regarding what these threshholds are or how to stay under the radar in this way. The maximum penalties are stiff even if you unknowingly help someone. Modee is correct in that it aint the tax man, and the last thing you want is to look suspicious for a far more serious reason than you thought- especially in today's environment.