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Payment Card and Third Party Network Information Reporting. The proposal requires information reporting on payment card and third party network transactions. Payment settlement entities, including merchant acquiring banks and third party settlement organizations, or third party payment facilitators acting on their behalf, will be required to report the annual gross amount of reportable transactions to the IRS and to the participating payee. Reportable transactions include any payment card transaction and any third party network transaction. Participating payees include persons who accept a payment card as payment and third party networks who accept payment from a third party settlement organization in settlement of transactions. A payment card means any card issued pursuant to an agreement or arrangement which provides for standards and mechanisms for settling the transactions. Use of an account number or other indicia associated with a payment card will be treated in the same manner as a payment card. A de minimis exception for transactions of $10,000 or less and 200 transactions or less applies to payments by third party settlement organizations. The proposal applies to returns for calendar years beginning after December 31, 2010. Back-up withholding provisions apply to amounts paid after December 31, 2011. This proposal is estimated to raise $9.802 billion over ten years.
This is scary people. Look at all the developments that have happened in the past couple days with our government.
Payment Card and Third Party Network Information Reporting. The proposal requires information reporting on payment card and third party network transactions. Payment settlement entities, including merchant acquiring banks and third party settlement organizations, or third party payment facilitators acting on their behalf, will be required to report the annual gross amount of reportable transactions to the IRS and to the participating payee. Reportable transactions include any payment card transaction and any third party network transaction. Participating payees include persons who accept a payment card as payment and third party networks who accept payment from a third party settlement organization in settlement of transactions. A payment card means any card issued pursuant to an agreement or arrangement which provides for standards and mechanisms for settling the transactions. Use of an account number or other indicia associated with a payment card will be treated in the same manner as a payment card. A de minimis exception for transactions of $10,000 or less and 200 transactions or less applies to payments by third party settlement organizations. The proposal applies to returns for calendar years beginning after December 31, 2010. Back-up withholding provisions apply to amounts paid after December 31, 2011. This proposal is estimated to raise $9.802 billion over ten years.
This is scary people. Look at all the developments that have happened in the past couple days with our government.
This is bad news for people wanting to buy and sell physical gold/silver under the radar. Additionally, you might become suspect when the US nationalizes gold as it did in 1933.
The black market WILL go further underground and there's nothing the government can do to stop it .
One of my companies is an online distribution company. I cant tell you how far reaching this legislation would become and how much burdeon this would put upon the internet companies where people sell.
I think overall though, it would go a far way to curb anyone who makes a living online but does not disclose the income as taxable. (yes I do, and have for years).
I wonder though how much affect this would have though and how selling an item one found in their closed would be "taxable" profits, especially considering the lack of ability to collect sales taxes across the state line.
I would suspect that this is being done to attempt to put into place a national sales tax, or to gather information to collect instate sales taxes better for the states.
One of my companies is an online distribution company. I cant tell you how far reaching this legislation would become and how much burdeon this would put upon the internet companies where people sell.
I think overall though, it would go a far way to curb anyone who makes a living online but does not disclose the income as taxable. (yes I do, and have for years).
I wonder though how much affect this would have though and how selling an item one found in their closed would be "taxable" profits, especially considering the lack of ability to collect sales taxes across the state line.
I would suspect that this is being done to attempt to put into place a national sales tax, or to gather information to collect instate sales taxes better for the states.
Ebay Canada advised us that they were ordered by the courts to turn over our records. We buy and sell on ebay and have an online store. We report all our sales and do charge the tax in Canada. We do not have to collect the US tax yet but I can see that coming soon too. I think here in Canada sales had to be over a certain amount before the tax man comes a looking ie over 30,000.00 before GST had to be collected. Like I said we always claimed everything so it makes no difference to me.
Payment Card and Third Party Network Information Reporting. The proposal requires information reporting on payment card and third party network transactions. Payment settlement entities, including merchant acquiring banks and third party settlement organizations, or third party payment facilitators acting on their behalf, will be required to report the annual gross amount of reportable transactions to the IRS and to the participating payee. Reportable transactions include any payment card transaction and any third party network transaction. Participating payees include persons who accept a payment card as payment and third party networks who accept payment from a third party settlement organization in settlement of transactions. A payment card means any card issued pursuant to an agreement or arrangement which provides for standards and mechanisms for settling the transactions. Use of an account number or other indicia associated with a payment card will be treated in the same manner as a payment card. A de minimis exception for transactions of $10,000 or less and 200 transactions or less applies to payments by third party settlement organizations. The proposal applies to returns for calendar years beginning after December 31, 2010. Back-up withholding provisions apply to amounts paid after December 31, 2011. This proposal is estimated to raise $9.802 billion over ten years.
This is scary people. Look at all the developments that have happened in the past couple days with our government.
This is something that has been talked about for a while now on the internet. A few have proposed that it might kill online purchasing. I would just say that the Democrats have been emboldened with Obama's victory. Just a feeling. This is the type of change we can look forward to.
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