2011 PayPal will report income to IRS, what should you guys do with stealth account?

[rayxiaoyu]

2011 PayPal will report income to IRS, what should you guys do with stealth account?

[jeffweico]

Originally Posted by rayxiaoyu

2011 PayPal will report income to IRS, what should you guys do with stealth account?

This only applies to a payment processor who processes $20,000 or more per year in transactions for you.

Stealth is fine, but the income should be reported. If it is not, and the IRS finds out, then they may think that your use of stealth was to evade taxes rather than to just get back on eBay. If THAT happens, then you are in some SERIOUS trouble.

But if you need tax advice, you really need to speak with an accountant or other tax professional. Like GreenBean posted, the forum is not meant to provide expertise on tax matters.

[topseller]

Always pay your taxes. The IRS and the US government are the 2 criminal organizations you don't want to mess with.

[rayxiaoyu]

Got it. I will pay the tax

[GreenBean]

You earn money. You pay tax.

ANOTHER closed TAX thread.