Bad Paypal 1099

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.
 
ferider said:
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.
Click to expand...

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 said:
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.
Click to expand...
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.......
 
States also may have their own limits that may still trigger the reporting depending on where you live.
 
Anderdale said:
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.
Click to expand...

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

I haven't read the IRS guidance for lack of time but plan to do so. Zerohedge has generally been reliable IMHO.
 
ferider said:
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.
Click to expand...
Some states still require the 1099k for over $600….
 
Not 1099 related (I don’t think), but does anybody know why BladeHQ is no longer taking PP for payments? It’s been a good while since I’ve actually bought anything there - well over a year ago, but the last time I did I know I used PP. Now, nah.
 
Danny Linguini said:
Not 1099 related (I don’t think), but does anybody know why BladeHQ is no longer taking PP for payments? It’s been a good while since I’ve actually bought anything there - well over a year ago, but the last time I did I know I used PP. Now, nah.
Click to expand...

I think Paypal has rabidly went after individuals and business buying/selling "weapons" for a while now. Banning and removing accounts if caught.

A lot of members have pre-emptively boycotted PP in protest as a result.
 
PeteyTwoPointOne said:
I think Paypal has rabidly went after individuals and business buying/selling "weapons" for a while now. Banning and removing accounts if caught.

A lot of members have pre-emptively boycotted PP in protest as a result.
Click to expand...
I should have figured as much. Yeah, that’s sure to curb subway violence. Well, that’s a lot of business they’re handing off to somebody else.
 
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