OT But probably affects most on this board

[jtschantz]

I know this is off topic, but if you use paypal (which I am sure most on here do), you better read this now or possibly be very sorry you didn't come tax time in 2012. https://cms.paypal.com/us/cgi-bin/ma...ng_us/IRS6050W

Anyone have any thoughts? Excuse me if this has already been covered on this board.

[Leon]

Originally Posted by jtschantz

I know this is off topic, but if you use paypal (which I am sure most on here do), you better read this now or possibly be very sorry you didn't come tax time in 2012. https://cms.paypal.com/us/cgi-bin/ma...ng_us/IRS6050W

Anyone have any thoughts? Excuse me if this has already been covered on this board.

This is a good post. So basically, my first 199 (paypal) customers are the ones who I will take paypal from.

There is the $20,000 threshold AND the 200 transactions, in order to have to report. Not just one or the other. I can see this being a huge loss for paypal.

[Jim VB]

Originally Posted by jtschantz

I know this is off topic, but if you use paypal (which I am sure most on here do), you better read this now or possibly be very sorry you didn't come tax time in 2012. https://cms.paypal.com/us/cgi-bin/ma...ng_us/IRS6050W

Anyone have any thoughts? Excuse me if this has already been covered on this board.

Understand, that this doesn't change anyone's requirements at all. The need to report sales income stays exactly the same. The only difference is that now, someone may check up on you.

[ChiefBenderForever]

Couldn't a seller open multiple accts ? I bet some already have.

[Leon]

Originally Posted by JohnnyHarmonica

Couldn't a seller open multiple accts ? I bet some already have.

They will probably curtail that by asking for SSN's and EIN's.

Jim- no doubt you are correct. I have a spreadsheet each year of where, when and for how much I buy and sell my cards for. At the end I tally them up and there you go, straight onto my CPA. Last year was not a good year but I was still in the positive. I wish I had to pay millions in taxes!!!

[D. Bergin]

I already report my sales so it doesn't bother me at all.

What concerns me is that this is just the first step towards the government imposing a federal internet sales tax.

[Jim VB]

Originally Posted by D. Bergin

I already report my sales so it doesn't bother me at all.

What concerns me is that this is just the first step towards the government imposing a federal internet sales tax.

Depending upon what state you live in, you probably already have an "internet sales tax." Most states require you to pay a tax on all internet purchases. However it is extremely difficult to enforce.

Most state tax forms have a line item asking for purchases you made, on which no tax was charged. Most people ignore it.

[Rich Klein]

A local card shop, owned by a nice and honest older man (Leon has met him and agrees with me), nearby I'm in favor of these concepts.

The advantages that internet sellers have over B&M stores is not fair to them and being able to even out that is a good idea in my book.

Rich

[chiprop]

there is a good chance this will be repealed before it goes into effect

[4815162342]

Originally Posted by Rich Klein

A local card shop, owned by a nice and honest older man (Leon has met him and agrees with me), nearby I'm in favor of these concepts.

The advantages that internet sellers have over B&M stores is not fair to them and being able to even out that is a good idea in my book.

Rich

I understand what you are saying, but I'm not a big fan of spreading the misery around.

[D. Bergin]

Originally Posted by Rich Klein

A local card shop, owned by a nice and honest older man (Leon has met him and agrees with me), nearby I'm in favor of these concepts.

The advantages that internet sellers have over B&M stores is not fair to them and being able to even out that is a good idea in my book.

Rich

I'd have to disagree. People who own B&M stores are also allowed to sell out of state on the internet, and many if not most of them do to supplement their income. Also, something sold in the store does not carry a S&H charge. It's just an additional burden for everybody and everybody's costs go up.

Another item buyers don't seem to realize. Paypal or a Merchant account gets a cut of that S&H charge, not just the item price. They also get a cut of State Sales Tax if paid........which the seller has to pay for, on top of collecting and submitting the Exact tax rate from the buyer.

Paypal is certainly not going to be hurting if all sellers are forced to collect a Federal Internet Tax, because they are also going to be getting a piece of that to, every time it gets paid, which will be the sellers responsibility to pay for in fees, on top of paying back the exact amount collected.

Lower bids/sales, less money and more paperwork.

No, I'm afraid from a selfish standpoint........I'm not in favor.

"Even playing field" is a myth perpetrated by Big Box Stores. It certainly is not going to save the little Mom & Pop downtown strip ideal.