Paypal, Stealth Accts & Taxes - eBay Suspended & PayPal Limited Forums
eBay Suspension & PayPal Limited Forums  
Join Today
Register Subscribe
     

Registration is fast, simple and absolutely free so please, join our community today!


Go Back   Home > Marketplace Discussions > PayPal Talk

PayPal Talk PayPal Forums. General issues related to PayPal.

Closed Thread
 
Thread Tools
  #1  
Old 06-17-2011
Junior Member
 
Join Date: Jun 2011
Posts: 8
Thanks: 0
Thanked 0 Times in 0 Posts
Activity: 0%
Longevity: 65%
iTrader: (0)
Cool Paypal, Stealth Accts & Taxes

With the new tax legislation and all that I notice people scrambling in fear of the IRS. Now I'm not saying do not pay taxes, of course file your taxes... (dont come ****in with me uncle sam, i pay my taxes and my dad mom brother and sister do too, as well as all of the people in my cell phone and all my e-mail accounts)

But with so much inconsistency in Paypal (constant and abrupt limitations), I see no reason to waste time linking your stealth pp accounts more they they are already linked to you.

No matter how many billions they make, PayPal is hardly a real company. Just an online confiscator.

Even the biggest banks are still "little banks" to the BIGGEST bank

Honestly, the legislation is probably put in place by the central bank (or another bank god) for the payment processors (even paypal) who made extra billions last year confiscating seller's money.

Exactly how does a processing company or bank report confiscated or "held" money? As sales or revenues they made conducting business? What if they just happened to spend some or all of those billions? How do they report what they spent it on, and what about the seller's (or better yet: buyers) they took it from?

Knowing that 99% of sellers are going to assume they are SOL and abandon the entire situation, they might just pocket it.

Of all the several hundred thousand accounts they are limiting today, what do you think they plan to do with money? How do you think they view the money? Do you think that there is a Paypal department of "ethics" that says, we're going to hold this money so we can/until we make sure the buyers and seller are on good terms?

Of course not. The money in those accounts are their legal (or illegal) confiscations. If they limit 10 Million today, its theirs.

If you are one of those sellers, you coming back for your money is nothing but "a slim chance of a future loss".

My point is, these guys are coming to a point where they have to report all that money they are "holding".

IRS is not interested in dealing with 20 Million Joe Schmoes with 200 transactions and 20,000 dollars. That is just more and more human resources. They are interested in 9 or 10 multi-billion-dollar-confiscating companies giving them what they feel they deserve. Which is a cut.

Now for the little guy: (People like you)

IRS is only going to bother you if you flag them. Maintain some assets, move around over 7,000 cash, buy a benz. For the folks who have virtually next to nothing. The IRS does not care.

Last year IRS sent me a bill for 100-500K (rather leave exact number out). This is called a "notice of assessment"

Funny thing is the business they sent the bill for did not even make 1 dollar. I myself have never had my hands on 100K at once or even 50K. Nor have I passed that through a bank in a year's time. I read later that they look up businesses (sometimes in a list) and depending on what information they can find, send you a random bill amount based upon what they found. Sometimes they just make it up right there on the spot.

I simply sent it back and said that I registered the business on accident and I was not using that business entity.

Within 1 month they responded with a "corrected" assessment of $10

I didn't pay that either.

Fact is people like Wesley Snipes or anybody else who is publicly known to be rich have one problem:

Everyone knows they have money.

If you don't own a house, expensive car, or report 50-100K a year already, nobody in the IRS building cares.

IRS works for the IMF. Their job: confiscation of the people's money and assets through taxation.

The IMF is the IRS for the IRS's of the world. Their job: monitoring the IRS. (IRS is just as scared as you, or even more)

An IRS agent is like a salesperson, who gets a commission for every person he gets. If you are don't have anything worth confiscating such as your house, car, or cash in your bank account, then you don't need to be concerned with the IRS.

This is just my view, based upon my experiences and research, yours may be different.

Again, let me rephrase:

I'm not saying do not pay taxes, of course file your taxes...This is not against the IRS or anything. (dont come ****in with me uncle sam, i pay my taxes and my dad mom brother and sister do too, as well as all of the people in my cell phone and all my e-mail accounts).
The complete step-by-step guide to get back to selling today!

  #2  
Old 06-17-2011
cherrqell's Avatar
Executive [VIP]
 
Join Date: Jun 2010
Posts: 465
Thanks: 84
Thanked 93 Times in 63 Posts
Activity: 0%
Longevity: 73%
iTrader: (0)
Default

Once paypal/amazon scans your information through the IRS mainframe, your number will be flagged as having a paypal account that is recieving payments, so your return will be scrutinized for any business profits that you report, or dont report. So if you provided paypal/amazon with an EIN, TIN, or SS number, I would be sure to report all your business earnings for 2011, and after. If you happen to get audited, they will want access to all your bank accounts, and financial records. This will not be pretty. Once you get in their crosshairs..........game over. PAY YOUR TAXES!
__________________
"Everyone has a plan until someone punches you in the face." - Mike Tyson
  #3  
Old 06-17-2011
Junior Member
Threadstarter  
 
Join Date: Jun 2011
Posts: 8
Thanks: 0
Thanked 0 Times in 0 Posts
Activity: 0%
Longevity: 65%
iTrader: (0)
Default

Quote:
Originally Posted by cherrqell View Post
Once paypal/amazon scans your information through the IRS mainframe, your number will be flagged as having a paypal account that is recieving payments, so your return will be scrutinized for any business profits that you report, or dont report. So if you provided paypal/amazon with an EIN, TIN, or SS number, I would be sure to report all your business earnings for 2011, and after. If you happen to get audited, they will want access to all your bank accounts, and financial records. This will not be pretty. Once you get in their crosshairs..........game over. PAY YOUR TAXES!
I most definitely agree with this. If you DO have your real information logged with them.

What are your specs on individuals with stealth accts?
  #4  
Old 06-17-2011
Junior Member
Threadstarter  
 
Join Date: Jun 2011
Posts: 8
Thanks: 0
Thanked 0 Times in 0 Posts
Activity: 0%
Longevity: 65%
iTrader: (0)
Default

But then again...PayPal money is not even real money. It is just PayPal credits.

PayPal is actually the merchant who accepts the money, and in turn gives you Paypal credits.

Now when you withdraw it to your bank account, be it business or personal, then the accounting must come into play. And in that case you are actually directly being paid by PayPal and they have to be your only customer, because they are the only ones who actually gave you real currency.

Last edited by spreadthemoney; 06-17-2011 at 11:06 PM. Reason: Adding some facts.
  #5  
Old 08-08-2011
HowYaLivin's Avatar
Senior Member
 
Join Date: Oct 2010
Posts: 92
Thanks: 39
Thanked 5 Times in 4 Posts
Activity: 0%
Longevity: 70%
iTrader: (3)
Default

You seem to be very knowledgable in this area Spread, please elaborate on the whole paying taxes on stealth accounts bit. Is it possible?
  #6  
Old 08-09-2011
Senior Member
 
Join Date: Aug 2009
Posts: 225
Thanks: 24
Thanked 26 Times in 16 Posts
Activity: 0%
Longevity: 79%
iTrader: (0)
Default

Yes, please elaborate. I just got hit with "the email"...
Closed Thread



Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Paying taxes with stealth accounts Tansey2 Subscriber Discussions 14 04-13-2011 10:35 AM
Who here pays taxes on 'Stealth' earnings? MadSam Everything Else 0 05-02-2010 05:25 PM
Paying Taxes on Stealth Accounts Killed by Ebay Subscriber Discussions 21 05-02-2009 09:16 AM
2 paypal accts, 2 bank accts? atmlx Paypal Limited 2 02-26-2008 02:28 PM


Aspkin Group

All times are GMT -5. The time now is 09:31 AM.


Stop the guessing games and learn how you can quickly and easily get back on eBay today!
Read the best selling step-by-step eBay Suspension guide eBay Stealth!
Amazon Suspension? Read Amazon Ghost to get back on Amazon!
vBulletin® Copyright ©2000 - 2019, Jelsoft Enterprises Ltd.
Ad Management by RedTyger
no new posts