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IRS desperately needs $$$…

Posted by helen on January 7, 2011

From Paypal:

Starting in 2011, all U.S. payment providers including PayPal will be required by the IRS to report sales information about certain merchants to the IRS. We want to help you understand these changes.

  •   Applies to merchants receiving over $20,000 in gross sales volume AND 200 payments or more
  •   Applies only for sales beginning on January 1, 2011

https://cms.paypal.com/us/cgi-bin/marketingweb?cmd=_render-content&content_ID=marketing_us/IRS6050W&bn_r=o

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3 Responses to “IRS desperately needs $$$…”

  1. Sandra said

    Paypal will make money too b/c they will probably raise fees in order to process this information and send it to the IRS. Then, guess what. The IRS will be contacting you for . . . GREAT 😦 This will affect everyone even if they don’t have $20,000 in gross sales volume and 200 payments or more. Eeek!

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