Thread Number: 74550
/ Tag: Other Home Products or Autos
Form 1099 from PayPal? |
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Post# 983463 , Reply# 1   2/19/2018 at 18:37 (2,255 days old) by Launderess (Quiet Please, There´s a Lady on Stage)   |   | |
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Post# 983607 , Reply# 2   2/20/2018 at 16:43 (2,254 days old) by scoots (Chattanooga TN)   |   | |
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Post# 983609 , Reply# 3   2/20/2018 at 16:48 (2,254 days old) by Lorainfurniture (Cleveland )   |   | |
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A 1099 for six figures. Oy |
Post# 983634 , Reply# 4   2/20/2018 at 20:18 (2,254 days old) by Launderess (Quiet Please, There´s a Lady on Stage)   |   | |
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@ScootsTN - You're welcome.
Now am going to say something and don't want it to turn this thread into a huge political free for all rant. That being said both states and federal government need revenue. States in particular since they cannot "print money" like US government *and* most all state constitutions mandate balanced budgets are looking for ways to get funds without raising taxes. What began and still is a hobby for some people, has become for others a major source of income. Places like eBay today are full of "power sellers" with various stores or whatever. Unlike much of Europe and elsewhere where online sales are subject to VAT, here we basically have none of that. In state sales are obliged to collect/pay sales taxes, but not every one does. As link above mentioned federal government long ago mandated Paypal and other such places start reporting credit card transactions above a certain threshold, now it seems many states are getting into the act by enacting their own reporting requirements. Over the past few years since Congress passed those reporting laws it seems everyone and their mother began getting 1099 requests. Know from friends locally that own small businesses IRS agents have been "working the street/building" conducting spot audits especially looking for people/businesses that should have 1099 information, but its lacking. At that point people have no choice; IRS makes it clear they will be back to check and see if the proper forms were requested. |
Post# 983653 , Reply# 5   2/20/2018 at 22:37 (2,254 days old) by panthera (Rocky Mountains)   |   | |
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