Quote:
Originally Posted by woj
"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?
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That sounds about right. C.P.A. was telling about it. Which doesn't bother me. Nor do I really care to be honest. I already reported that shit. I simply did price screen, or export rather, of my PP anyway. But I am sure it sucks for those who never bothered reporting that revenue and the PP/EP free money going away.