I've been using it in my shopping cart for years and always get 1099'd by them, but to have them report individuals with transactions over >599 is going to create a chitstorm of epic proportions for a lot of people.
States want their share. So many convenient ways to purchase used to fall under the radar - no longer. In RI I have to report all personal sales each quarter of my book and pay the sales tax. I might sell a half dozen personal sales per year - maybe $100 - still have to pay 7 % on each sale. Also have to declare it as income on my annual return.
I run an AIRBNB and my guests are charged 13 % for state and local sales taxes. I'm sure Uber adds sales tax.
Years ago there was a reason BM plugs were all sold to retailers without receipts and invoices - but you're taking a chance in today's environment with all the tracking technology.
DZ
Recreational Surfcaster
"Limit Your Kill - Don't Kill Your Limit"
Bi + Ne = SB 2
If you haven't heard of the Snowstorm Blitz of 1987 - you someday will.
So if you use PP to conduct a business transaction, you are provided with a tax form, same as other payment processing, no??
Doensn't cost ya anything unless you were trying to sneak under the radar ; )
Up till now PP 1099'd only if you had more than 200 transactions and did over 20k in sales. These states are greedy mofo's. If Joe Blow sells is golf clubs for 600 he'll get 1099 and have to prove loss or gain? Or sells some used fishing gear? Insane....
Hybrid Mode
