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  #1  
Old 11-18-2020
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Default Will MP have same reporting as PP?

Will MP report taxes the same way as Paypal does? If sales reach 200 transactions and 20k?
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Old 11-18-2020
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Default Re: Will MP have same reporting as PP?

of course.
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Old 11-18-2020
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Default Re: Will MP have same reporting as PP?

As they use Ayden to process it will be at least 10k in sales, as IRS require this reported and a 1099 issued over this amount.
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Old 11-19-2020
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Default Re: Will MP have same reporting as PP?

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Originally Posted by degsey69 View Post
As they use Ayden to process it will be at least 10k in sales, as IRS require this reported and a 1099 issued over this amount.

It's 20k, not 10k.

I think people get this mixed up because $10k applies to another regulation. A single cash transaction of $10k or more has be be reported to FinCen.
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Old 11-19-2020
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Default Re: Will MP have same reporting as PP?

Quote:
Originally Posted by martyjump View Post
Will MP report taxes the same way as Paypal does? If sales reach 200 transactions and 20k?

Yes, it's the same. You have to cross both thresholds for them to create a 1099K for you.

The first account I got in did not cross 20k last year and did not have a 1099 made. I'd been taking it slow in the new ecosystem and had only sold about $16k on that account throughout the year.
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Old 11-19-2020
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Default Re: Will MP have same reporting as PP?

There are many retail arbitragers who make very little money per transaction and count on high volume to stay profitable,the gross sales is so high,it easily triggers IRS for possible audit.
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Old 11-19-2020
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Default Re: Will MP have same reporting as PP?

Yes but regardless of that, regulations are regulations and a 1099 is automatically generated if you pass 200 sales and $20k in sales in a calendar year. It doesn't make any difference what your profit is. That's why you're given the option to write off business expenses on your schedule C.
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Old 11-19-2020
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Default Re: Will MP have same reporting as PP?

No one wants to be audited by IRS,it is stressful and time consuming,not to mention they may find something you dont want them to know
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Old 11-30-2020
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Default Re: Will MP have same reporting as PP?

of cause it is. 200 transactions or over $20.000
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Old 12-01-2020
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Default Re: Will MP have same reporting as PP?

Quote:
Originally Posted by endless1 View Post
of cause it is. 200 transactions or over $20.000
itis not OR ,it is AND
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Old 12-05-2020
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Default Re: Will MP have same reporting as PP?

Quote:
Originally Posted by agent006140 View Post
itis not OR ,it is AND
No. It's 200 transactions or $20k in total sales. Whichever comes first
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Old 12-05-2020
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Default Re: Will MP have same reporting as PP?

Quote:
Originally Posted by Zilligenaire View Post
No. It's 200 transactions or $20k in total sales. Whichever comes first
You are wrong.
It is 200 transactions (business) AND $20,000,read IRS guidelines or go to Paypal or AMZN site
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