Admin S.Brothers Posted April 29, 2010 Admin Share Posted April 29, 2010 This can be useful.http://www.newlifeauctions.com/calc.htmlPlease let me know if you notice these links ever go dead. Quote Link to comment Share on other sites More sharing options...
2blader Posted May 5, 2010 Share Posted May 5, 2010 Never knew about the ebay one-what a great thing to have. Thanks Steve. Quote Link to comment Share on other sites More sharing options...
Smokin_Endo Posted June 9, 2010 Share Posted June 9, 2010 Never knew about the ebay one-what a great thing to have. Thanks Steve. X2 thanks for sharing that with us Steve Quote Link to comment Share on other sites More sharing options...
KRISTEVIN Posted October 31, 2010 Share Posted October 31, 2010 ANYBODY SEE THAT PAYPAL BY 2011 IS REPORTING TO THE IRS ... THE PEOPLE ON THE IRS'S RADAR ARE TRANSACTIONS OVER 200 PER YEAR OR OVER $20,000 PER YEAR INCLUDES GIFT PAYMENTS.. Quote Link to comment Share on other sites More sharing options...
Freshour Posted February 2, 2011 Share Posted February 2, 2011 great info thanks Steve Quote Link to comment Share on other sites More sharing options...
BillCurtin Posted February 2, 2011 Share Posted February 2, 2011 ANYBODY SEE THAT PAYPAL BY 2011 IS REPORTING TO THE IRS ... THE PEOPLE ON THE IRS'S RADAR ARE TRANSACTIONS OVER 200 PER YEAR OR OVER $20,000 PER YEAR INCLUDES GIFT PAYMENTS.. It is not only PayPal. It is all companies that provide payment services and credit card merchant services. The Housing and Economy Recovery Act of 2008, which was signed into law on July 30, is of particular importance to online sellers—regardless of their housing situation. Although much was reported about the bill throughout its year-long path to becoming law, little attention has been given to a provision that will soon require credit card companies to report an annual dollar figure that they process on behalf of each "participating payee" (e.g., eBay seller) to the Internal Revenue Service. The effective date for the reporting requirement is 2011 calendar year receipts. The law obligates payment settlement entities like VISA and MasterCard to send both the IRS and the "participating payee" the required information in January for the previous year, in a format that is expected to emulate IRS Form 1099. Given the new law's elaborate definitions of "payment settlement entity," most, if not all, electronic payment systems will be covered. These will of course include PayPal. In order to help the IRS associate this data with the correct taxpayer, credit card companies, debit card networks and other electronic payment processors will begin asking their customers for Taxpayer Identification Numbers. Tax IDs will typically take the form of Employer Identification Number or Social Security Number. If an accurate number is not provided, the companies will be required to withhold a whopping 28 percent of receipts. "The limited burden of this proposal will fall on the merchant card servicing companies (which already have the information to be reported), and not on the businesses who take credit cards as a form of payment," Treasury Department spokesperson Andrew DeSouze tells Auctiva. "From the sellers' point of view, this provision will help them to be more compliant by providing an annual statement of their credit card reimbursements so they can have complete information to file their tax returns." Not all eBay sellers will be affected by the new requirement, however. Obviously, the dwindling minority who only do business by cash, check and/or money order will experience no impact. But small sellers may also avoid the extra scrutiny, given the law's minimum threshold: Only payees with more than $20,000 in processed receipts and more than 200 transactions for the year must be reported. Small business lobbyists fought hard against the mandatory reporting provision, but in the end they lost out to the lure of more tax revenue. "They needed the money, and it was a done deal," explains Giovanni Coratolo, director of small business policy for the U.S. Chamber of Commerce. "We kind of got lost as a low-priority item in a very high-profile bill." Various government agencies have in recent years proffered varying estimates of how much tax revenue is lost by merchants underreporting the type of income this provision is aimed at identifying. The third-party reporting provision will raise an estimated $9.6 billion over 10 years by encouraging merchants to report their income accurately to the IRS, according to the Senate Finance Committee. According to the Joint Committee on Taxation, this provision should result in $608 million in taxes in 2012 alone.s' Income to IRS Quote Link to comment Share on other sites More sharing options...
chromey Posted February 2, 2011 Share Posted February 2, 2011 Great Link Steve. I never knew about that. It's interesting to see what Ebay charges for - and what they don't put much emphasis on too. Thanks! Quote Link to comment Share on other sites More sharing options...
Jays24 Posted September 11, 2012 Share Posted September 11, 2012 Both sites are now dead. Quote Link to comment Share on other sites More sharing options...
Admin S.Brothers Posted September 11, 2012 Author Admin Share Posted September 11, 2012 thanks, Jay... I edited in some alternate sites. Quote Link to comment Share on other sites More sharing options...
Jays24 Posted September 12, 2012 Share Posted September 12, 2012 That's why I love this site, you're on it! Thanks man! Quote Link to comment Share on other sites More sharing options...
Jays24 Posted January 2, 2014 Share Posted January 2, 2014 The pay pal calculator link is dead. Quote Link to comment Share on other sites More sharing options...
Admin S.Brothers Posted January 3, 2014 Author Admin Share Posted January 3, 2014 new one is there Quote Link to comment Share on other sites More sharing options...
