Internet sellers who don't report their sales will no longer be under the radar. Starting next year, any bank or other payment settlement company that processes credit cards, debit cards, and electronic payments such as PayPal will have to issue information returns telling the IRS what merchants receive. The new returns are Form 1099-K, Merchant Card and Third-Party Payments
Purpose of Reporting
The IRS believes that many online sellers fail to report their transactions. Some don't report because they mistakenly believe that Internet sales are invisible. Others do so because they are trying to evade taxes.
The IRS has found that using information returns, such as W-2 forms for employees, Form 1099-MISC for independent contractors, and Form 1099-INT for bank interest, goes a long way toward improving the reporting of income. IRS computers can match income reported on these information returns with the income reported on tax returns.
Who's Subject to Reporting
All merchants who accept payments through credit cards, debit cards, gift cards and PayPal will receive information returns telling them - and the IRS - the gross amount of the merchant card transactions. This will be broken down month by month. While the form uses the word "card," the IRS has made it clear that this is interpreted broadly to include third-party network transactions (i.e., PayPal).
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The crooks want their cut.
ReplyDeleteSince the crooks have control of, and are above the law, it is necessary to pay to play. Just like you are the corner store paying your 25% to the mob. Because that is all the IRS is - the strong arm mobsters for the Oligarch bankers.
ReplyDeleteOh a DISSIDENT are we then?
ReplyDeleteYou'll be paying your taxes now just like anybody else then or my name isn't Constable Clancy McCanahhan!
The vice continues to tighten around the rabble-folk!!!
ReplyDeleteWhen are we gonna enough?!!!!!!!!!!!
What a crock. I think you will see Ebay hurting pretty soon! Weren't they in trouble just a couple of years ago? The government is broke and they want to tighten the noose in order to squeeze a few more dimes before they sink. Trouble is, everyone is broke. The bubble popped. Indefinite growth is, still, an illusion. And economists, still, don't seem to understand.
ReplyDeleteconstables sometimes get wildly surprised
ReplyDeleteThe government is NOT broke or bankrupt.
ReplyDeleteThe people ARE.
The government not only wants people broke, the government wants people dead broke or better still dead. People are useless eaters, remember?
As government looses its grip on the economy it will tighten its grip on the people. Prepare for more stealth taxation and creative revenue enhancements.
ReplyDeleteDon't speed under the apple tree
ReplyDeletethe apple tree
the apple tree
Don't speed under the apple tree
a 500 dollar fine
Don't spit on the parking lot
the parking lot
the parking lot
Don't spit on the parking lot
a 200 dollar fine
Got no money to pay my bills
pay my bills
pay my bills
Got no money to pay my bills
I got sentenced to a year.
I think it’s time to show the slave masters a middle finger. We can probably set up websites to exchange goods and services without money. It won’t be the most convenient way of providing for the families, but…….They can’t charge you anything since there were no money transactions. This way we can avoid paying taxes as well, since we are not making money. Like I said, not the most convenient way but it will be the hardest blow in the nuts. It’ll drop revenue for these bastards buy several folds. What are they going to do? Charge in transaction items-3 t-shirts for this transaction or 5 pair shoes for that one. Going back to feudalism……….ha-ha
ReplyDelete4:50 it's in fact a good move. Some online and offline communities do practice barter, credit hours and gift economy.
ReplyDeleteGuess what the slave masters will do? They will tax us based on the total "value" of our moneyfree transactions. They will "value" the 3 T-shirts and 5 pairs of shoes for say $200 of "market value" and tax us 10% GST.
But don't we worry, we'll find a way like we always do.
The government is a labyrinth of services and institutions, most of which are heading towards bankruptcy. While it may be true that a large portion of the funds come from the average tax payer, there are other sources as well. At any rate, like the closely related corporations it works with, government is a leach. And when people decide they no longer wish to be ruled by crooks and thieves (politicians) that is when true freedom and peace may take root.
ReplyDeleteI had planned to sell off 2/3 of my possessions over the next 18 mos. It just got moved ahead to 3-5 mos. I will have a couple of huge garage sales and alot of things will be going on Craigslist and Ebay. I will donate some to charity. Thinning out makes me more mobile and gives me a little cashflow for much needed preparations for future bad stuff. It is good to know about Ebay so I can get'er done quick.
ReplyDeleteWhen I buy a book for $10.00 and then sell it on Ebay (after I've read it, naturally) for $4.00, how it that taxable income? To me this represents a net loss of 6 dollars. I paid the sales tax when I bought it, so Cesar gets his cut up front.
ReplyDeleteHey IRS, go F*ck yourself!
It's called negative profits and is taxable!
ReplyDeleteSnicker.
Not that I advocate not paying taxes I believe we should.. But what are they going to do throw people in jail? Then they get free room and board after a while that starts looking good.. I thought that is odd.. We are being scrutinized then punished with free room and board.. Ha ha ha.. Crazy world we live in..
ReplyDeleteI only advocate paying personal income taxes to the thieves at the Fed/IRS because if you don't you will get persecuted.
ReplyDeleteTelling someone not to pay the bogus Fed income tax is like telling the shopkeeper not to pay Paulie Walnuts when he comes around.
I don't believe in paying an unconstitutional, illegal tax, but I understand we have a banker-owned legal system so there is no way not to do it at this time.
The "show me the law" folks go to jail. Sheep are not allowed to rebel.
ReplyDeleteWow, it really is interesting to see what is happening in the world today, especially with our economy. Hopefully in the end we can finally be the great nation we used to be!
ReplyDelete-Micah