From what I understand from the following links below, and more. Paypal is making us sign an agreement based on electionic information knowledge. The form is called a
1099K and if :star: President Obama :star: signs the bill, then information over $20,000 dollars in a yearly sale must be reported by the sellers on their taxes. :blinky:
Basically you know the drill, DVD, fast internet, ebay, #$@#@book, and so forth. So this means if you make some sort of income via paypal the least most, you must report to the
fedearlies.
However the bill is not official yet. I am reporting this, since I getting that message alert from paypal. I selected later.
http://www.cointalk.com/t96692-2/
http://forums.ebay.com/db2/topic/Paypal/Paypal-Electronic-Communications/510323256&#msg524889965
http://www.justice.gov/usao/ct/Press2010/20100309-3.html
QuoteThe provision was maligned in small business news, as it required companies to file a 1099 form for each vendor on which they spent more than $600 in goods or services over the course of the tax year, beginning in 2012.
http://www.gaebler.com/News/Small-Business-Finance/Senate-approves-repeal-of-1099-filing-provision-800478358.htm
it's a lot of paperwork - but in the UK we have something similar - it's designed to stop folks switching their entire businesses over to ebay and avoiding the tax system. Relevant to powersellers, but not to people with stores the size of FeatherPluck's etc.
Of course I think it's BS, but we have so many BS taxes over here already. If my folks suddenly die, I'll have to pay the government $750,000 in a small window or sell the house. We pay a lot of taxes here day in, day out and massive taxes on alcohol and fuel already. We pay out for so many things so be taxed when you die is insult added to injury.
I'm seriously considering moving to China or HK where you can just pay people off and pay hardly any taxes (but pay through the teeth for property).
No offence, but Americans think their whole country and culture is based on freedom. The truth is the world is not free, you have freedom of choice and that's the point. If you don't want to live in the greater society and take the cons with the pros, you should consider moving, quite seriously. Everywhere in the world has a balance, so you need to pick the balance that suits you best.
I completely agree with you, Luke. I just don't understand how anyone could think all this bullshit is necessary.