How are we all doing on the new MP?

[JamesNorth101]

Hello all

Just a little thread to find out how everyone is doing with all the new MP changes

How are you guys in the US adapting to the new IRS requirements?

Glad we dont have that in the UK! How about guys based in the UK still doing well?

And of course everyone else based in the rest of the world MP certainly seems easier in the EU!

Feel free to add in some feedback and any new tips and things you have learned over the last year of dealing with MP

[mark2be]

slowly adapting ,just wish i could operate a eu ebay acct living in usa with the new 600.00 tax reporting threshold its bs

[JamesNorth101]

Originally Posted by mark2be

slowly adapting ,just wish i could operate a eu ebay acct living in usa with the new 600.00 tax reporting threshold its bs

There certainly would be ways to do it it’s not really something I have explored much myself but I’m sure other forum members have done

[phaz0rz]

Originally Posted by mark2be

slowly adapting ,just wish i could operate a eu ebay acct living in usa with the new 600.00 tax reporting threshold its bs

You could become an Estonian citizen online then setup a business and eBay account there. https://e-estonia.com/solutions/e-identity/e-residency/
It would probably only be worth it if you're making hundreds of thousands per year selling online.



@James -
Pros:

- chinese competition on USA eBay has all but been eliminated. For the most part only the chinese sellers big enough to rent a US warehouse are still on there.
- Prices on everything has increased because of listing promo's. (eBay is literally causing inflation with this one.. so probably a pro and a con)
- Ebay is much better at winning chargebacks than Paypal ever was
- It's harder for buyers to be abusive since they don't have eBay AND Paypal to open disputes with
- The "request feedback removal" system actually works now - negs that go against policy are removed within hours if you ask

Cons:

- no more running as many accounts as you want
- no more distributing sales between accounts to keep from passing the reporting threshold
- no legal way to have un-linkable accounts, it seems
- Much, much harder (if not impossible long term) to run accounts from other countries
- no more 190 sales/$250,000 in sales for a year with no 1099 issued since you didn't pass 200 sales

I'm still hanging in there but I have to be a lot more careful with my accounts these days. I also had to abandon several non-US accounts that were getting thousands in sales per week after spending 4+ years building them up.

[JamesNorth101]

Originally Posted by phaz0rz

- Much, much harder (if not impossible long term) to run accounts from other countries

Very well summarised I am not sure I agree with this part though in ways it’s a lot easier now that it used to be

[yankee]

Speaking only for me and my business in the USA only, I love MP. It made me clean up how I operated. It made me up my game a bit. It actually made how I handle taxes a lot more efficient and effective because it forced me to think bigger instead of the small minded lets pocket this amount of unreported income kinda deal.

Negatives: It is costly to start up new accounts if they just don't perform(we all have had accounts that for reasons beyond any understanding don't sell as good as others) It is a much slower process of starting new accounts, that is for sure! Takes weeks instead of minutes. The great thing is that business accounts on MP can sell a lot of volume right off compared to having to take it very slow and steady approach with paypal.

Another big negative for me is that all funds have to run through a bank account where as before with paypal, I had some accounts that just sent/spent all the funds, although, technically, that is laundering in the eyes of the IRS so maybe it is a good thing

Having the ability to test a product on a new account is gone now. That may become a major burden over time. It would be a real shame to sell a new item and not know what the return rates or customer satisfaction will be and possible damage a great account.

Because of how I setup my businesses, It restricts where those businesses can operate. For example, there is a couple states that a pass through entity(llc/s-corp) cant be owned by another pass through entity. I though that was insane, but it came up last month on a new venture I had. It simply was rejected by the state for that reason. It wasn't an end all for the project but it made it more complicated for sure.