Quote:
Originally Posted by Barefootsies
They passed a new law that went into effect for that this year. It applies to the PP/EP electronic type dealios. Paypal will send you a 1099 at end of year for income statement (U.S.). Talk to your C.P.A. about it.
However, the short answer is yes. I can't very well have a ton of money going out for programmers, servers, and alike without money coming in. I simply do an export for the year, and give to the accountant. Simple and easy.
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"Under the legislation, PayPal will be required to report to the IRS the total payment volume received by PayPal customers in the U.S. who:
1. receive more than $20,000 in payment volume in a single year; and
2. receive more than 200 payments in a single year.
This legislation applies to all payment providers including PayPal and takes effect in 2011, so the first reports will go to the IRS in January 2012."
Does that sound right? or did you hear a different version?