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This is all just yet another reason to get an anonymous offshore corporation with that includes an anonymous offshore merchant account and bank account.

This nation is sadly heading downhill towards the total elimination of the ideals America was founded on, and ultimately to a completely controlled, one-world government.

See the EXCELLENT movie, "America: Freedom to Fascism" for free on Google Video for proof.

Click on the photo banner below to see this 111 minute film.

http://img.photobucket.com/albums/v2...rty_468x60.jpg

Good to hear this is only US for now.

Oh and George Bush is sounding like he's going to invade Russia now!

I was looking for a tax posting I saw earlier, was going to post this same info in response, glad to see some related links you guys saw too. They leave out each lawmaker getting $19,999.99 deposited into their brand new paypal accounts for letting paypal do a higher minimum lol j/k. It's really too bad- this piece was buried in the Housing and Economic Recovery Act of 2008 which of course people wouldn't want to be seen as not supporting. It will become a mess for sure for the IRS to verify of everyone who received $20k over 200 or more transactions which were business which were totally personal. Also part of it is the $7500 "credit" if you buy a house during a certain timeframe. Unfortunately, the "credit" has to be paid back over the next 15 years and the IRS confirmed that if you screw up the repayment you will be hit with penalties lol

There's a lot of comments in various threads about "paypal's" onerous policies with asking for and verifying id and it all comes down to the Patriot Act not so much paypal's own decisions 100% of the time. I would just throw out that idea that is mentioned of keeping under $10k- try thinking lower amount now and doesn't matter if even much lower if suspicious. The $10k was pre 9/11. In fact, don't even have a discussion regarding dollar limits and patterns, there's such a crime in the US of being an unknowing aid in this sort of thing lol

Which is why that guy shouldn't have bought a $300,000 house. Where is the logic in that, anyhow? A house that big is a liability, not an asset. The utility bills alone will kill you if your cash flow ever starts to trickle. When people begin to acquire large amounts of money, they always make the mistake of going out and purchasing 3 story houses & BMW's. :rolleyes: Bad move. Forget the possibility of suspicious government employees and/or nosy neighbors; this is a flat-out waste of money. I'm sure a person could be just as comfortable in a nice, cozy little apartment & driving a moderately-priced vehicle that will get them from point A to point B. Greed is a killer, and it seems that the more money some people make, the greedier they become.

The goal should be, regardless of how much money one makes, to improve their standard of living to a reasonably tolerable level. That way, if things ever take a turn for the worse, it wont be so hard to adjust to your former lifestyle and you wont be stuck with the enormous bills for your mansion, house maids, chauffeur service & other fodder that the average human being can easily live without.

CO-SIGN :cool:

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

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:

humm thanks..

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.

It's not just the Dollar amount but also the number of sales (according to the article 200 sales).