Article

2010-03-12 Economy

IRS to Track Online Sellers' Payment Transactions Beginning Next Year

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Posted by Uncle Phester 2010-03-12 00:00|| || Front Page|| [11125 views ] Top

#1 Merchants will simply start promoting certified checks and money orders as a way of payment, particularly place like e-bay and Gunbroker.

Posted by no mo uro 2010-03-12 06:02|| 2010-03-12 06:02|| Front Page Top

#2 Simply said......the irs needs to be put down

Posted by armyguy 2010-03-12 07:32|| 2010-03-12 07:32|| Front Page Top

#3 That's great; another freakin' form I have to put up with...

Posted by Raj 2010-03-12 07:59|| 2010-03-12 07:59|| Front Page Top

#4 Sorry, I agree with the IRS on this one. If it's income you're supposed to report it, whether it's a transaction over the counter of your store or a transaction done over the internet. Income is income.

Posted by Steve White 2010-03-12 08:39|| 2010-03-12 08:39|| Front Page Top

#5 That's great; another freakin' form I have to put up with...

a nice lead in to in collecting sales and use taxes.

Posted by Slearong Henbane8806 2010-03-12 09:20|| 2010-03-12 09:20|| Front Page Top

#6 Interstate commerce is federal, sales taxes are local and state. The Supreme Court of the US has already ruled the states cannot collect sales tax in almost all of these instances.

Posted by Beldar Threreling9726 2010-03-12 09:28|| 2010-03-12 09:28|| Front Page Top

#7 Will moneybookers, based in the UK be affected by this?

What about Escrow.com and similar escrow services who do not do "payment" functions (they only serve as escrow between seller and buyer) and may not be covered by the law?

Posted by Beldar Threreling9726 2010-03-12 09:36|| 2010-03-12 09:36|| Front Page Top

#8 Income is income. Posted by Steve White

What about coupons? Should I declare clipped grocery store coupon savings as income? The guilt! Oh, the GUILT!

Posted by Besoeker 2010-03-12 09:59|| 2010-03-12 09:59|| Front Page Top

#9 Taxation of Income is just stupidity on a stick.

Posted by Bright Pebbles 2010-03-12 10:31|| 2010-03-12 10:31|| Front Page Top

#10 Gosh, I sure hope no nasty, eeeee-vil hackers figure out how to flood the system with bogus reports. That could prove messy...

Posted by mojo 2010-03-12 11:00|| 2010-03-12 11:00|| Front Page Top

#11 So if I sell my used cat-litter scoop on ebay or craigslist, should I report it as income?

Posted by gorb 2010-03-12 13:20|| 2010-03-12 13:20|| Front Page Top

#12 It is what it is intended to be - a bookkeeping nightmare that drives micro-businesses out of business (and competition). It will have collateral damage against individuals selling used property - which should generally be recovery of depreciated capital and not taxable revenue, but gorb probably doesn't have his dated original purchase receipt for the litter scoop to establish his basis cost.

Posted by Glenmore 2010-03-12 13:28|| 2010-03-12 13:28|| Front Page Top

#13 The IRS can't even keep up with cabinet members, congressmen and federal employees; how are they going to keep up with this? People will have paypal accounts tied to bank accounts not even in their name and not even in this country

Posted by airandee 2010-03-12 16:08|| 2010-03-12 16:08|| Front Page Top

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