Bad Paypal 1099

[ferider]

From the FAQ document from IRS:

".... a third party settlement organization (TPSO) is not required to file a Form 1099-K unless the gross amount of reportable payment transactions to a payee exceeds $20,000 and the number of transactions exceeds 200."

Funny that most sellers on the Exchange continue to ask for F&F payments and buyers happily oblige. I don't get it.

 

[Anderdale]

From the FAQ document from IRS:

".... a third party settlement organization (TPSO) is not required to file a Form 1099-K unless the gross amount of reportable payment transactions to a payee exceeds $20,000 and the number of transactions exceeds 200."

Funny that most sellers on the Exchange continue to ask for F&F payments and buyers happily oblige. I don't get it.

For what it’s worth the IRS didn’t appear to update this until yesterday. I for one wasn’t planning to take the big beautiful bills word until I actually saw the IRS confirm it.

 

[ferider]

 

[jbmonkey]

From the FAQ document from IRS:

".... a third party settlement organization (TPSO) is not required to file a Form 1099-K unless the gross amount of reportable payment transactions to a payee exceeds $20,000 and the number of transactions exceeds 200."

Funny that most sellers on the Exchange continue to ask for F&F payments and buyers happily oblige. I don't get it.

yep. some are also charging a hefty premium over and above what the PayPal fees actually are. is what it is. up to the buyers though if they want to continue to encourage this or not.......

 

[Peter Hartwig]

H7

For what it’s worth the IRS didn’t appear to update this until yesterday. I for one wasn’t planning to take the big beautiful bills word until I actually saw the IRS confirm it.

If you can't trust your politicians who can you trust

 

[Danke42]

Funny that most sellers on the Exchange continue to ask for F&F payments and buyers happily oblige. I don't get it.

A stranger is just a friend you haven't met yet

 

[Docscoot]

States also may have their own limits that may still trigger the reporting depending on where you live.

 

[PeteyTwoPointOne]

For what it’s worth the IRS didn’t appear to update this until yesterday. I for one wasn’t planning to take the big beautiful bills word until I actually saw the IRS confirm it.

Even at that, I'm still watching the back door and hiding the vaseline.

 

[ooitzoo]

Topical:

IRS Reinstates $20,000 / 200-Transaction Threshold For Form 1099-K | ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

www.zerohedge.com

As a result, TPSOs are again only required to issue Form 1099-K if both of the following are true:

1. The gross payments to a payee exceed $20,000, and
2. The number of transactions exceeds 200.

I haven't read the IRS guidance for lack of time but plan to do so. Zerohedge has generally been reliable IMHO.

 

[Retired UPS Driver]

Topical:

IRS Reinstates $20,000 / 200-Transaction Threshold For Form 1099-K | ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

www.zerohedge.com

I haven't read the IRS guidance for lack of time but plan to do so. Zerohedge has generally been reliable IMHO.

Yes, but the STATE you live in sets its own requirements. Some are as low as $600, you have no option to opt out or avoid it.

 

[ooitzoo]

Yes, but the STATE you live in sets its own requirements. Some are as low as $600, you have no option to opt out or avoid it.

Yes but that statement was true all along...

"States make their own tax laws" isn't news to anyone