Thread: Render unto Caesar what is Caesar's .... Paypal will begin reporting sales income

Heard a rumor on this and just confirmed with Paypal that beginning in January 2011 they will report all transactions for those whose sales gross profit is over $20k or who have 200 individual transactions. This will be any payment through paypal regardless of ebay or wherever. Not an issue for me but just a heads up if it might be for you and you hadn't heard. Stay on top of your bookkeeping. The paypal rep I spoke with on the phone said the numbers are what they have available now based on the information given. Subject to change.

This won't affect me either, but to clarify: "The 1099-K is required when a merchant has at least 200 payment transactions a year totaling more than $20,000."
It's not 200 or $20k, it's 200 and $20k.

People should be self-reporting anyway. This does encourage those that are poor record-keepers to get better in a hurry, since it will be up to them to show expenses against the gross that's reported.

Or hire an accountant worth their salt. Something I'm not so good at ugh...

Than again I don't go threw PP much. It's handy but annoying....