Paypal 1099!!!
- Thread starter Gyuman82
- Start date
Digital_Man
Registered Member
- Jun 15, 2011
- 51
- 29
How would pay pal know the total P&L to issue a 1099????
Gyuman82
Elite Member
- Nov 15, 2011
- 1,866
- 1,146
Thats the thing. If you have an account that has an over $20,000 in transactions and over 200 transactions they issue you a 1099-k. And then I guess its up to you to figure out how to explain it to the IRS. Just started in 2011. I guess I gotta see when it gets here.
HarrisonHill
Regular Member
- Apr 29, 2010
- 318
- 215
Uncle Sam will definitely receive his money wack. Whatever money wack means
HazardPT
Registered Member
- Nov 24, 2008
- 99
- 26
Damn. Might be time to set up more than one major PP account for some people.
AdvanceSeo
BANNED
- Jan 3, 2012
- 89
- 3
what is paypal 1099??
HazardPT
Registered Member
- Nov 24, 2008
- 99
- 26
Where US government tries to bend you over and stick you hard in the ass with taxes.
AdsMakesSense
Regular Member
- Jun 23, 2011
- 383
- 25
Was paying takes taxes on Paypal before the 1099K...not much of a change for me. =/
Digital_Man
Registered Member
- Jun 15, 2011
- 51
- 29
1099 is a tax form for the irs. there are many types. the government takes a % of your money. if the only way you have paid taxes is from your j.o.b. then this will be a shock to you the first time. talk to a contractor about this, we have lots to say about it. I just don't know how paypal has all the info to issue one.
Digital_Man
Registered Member
- Jun 15, 2011
- 51
- 29
the thing is if the numbers are wrong on the 1099 the irs will always see it in there favor. They really are a special kind of stupid.
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Junkfood00
Elite Member
- Sep 13, 2011
- 1,947
- 1,340
What if you live in an European country, will you also receive any 1099, 1337?
AdsMakesSense
Regular Member
- Jun 23, 2011
- 383
- 25
No, this is United States only as the US government is finally starting to catch up with the internet a bit. Not in a good way......
HazardPT
Registered Member
- Nov 24, 2008
- 99
- 26
No. You only get if you have a US account with US address.
- Oct 17, 2008
- 1,638
- 780
The Australian Government is dearly wanting to get its hands on Paypal's records in Australia for exactly the same reason, but fortunately for us living down under, Paypal is not a financial institution, and thus has no obligation to provide the Australian Government with any records whatsoever. There would have to be a change/relaxing of laws which is not going to happen as we have a very strong banking sector, and no-one wants to jeopardise that : )
zebrahat
Elite Member
- Aug 6, 2008
- 2,514
- 3,037
First, the 1099 can't be released if they don't have a SSN/EIN to apply the receipts against. Secondly, if you are not subject to the IRS and you get one, correspondence could be sent to them with a corrected form showing no monies applicable to a tax liability were actually received.
This could be followed up by a FOIA letter you send to their Philadelphia, demanding evidence of a verified and completed assessment. They are supposed to answer the FOIA request within 21 days and when they do, they tell you, in writing, there is no assessment on file. You then have point blank evidence, from the IRS, that they are full of it, and they drop their tax claim. Just one way to beat back the tax gestapo.
This could be followed up by a FOIA letter you send to their Philadelphia, demanding evidence of a verified and completed assessment. They are supposed to answer the FOIA request within 21 days and when they do, they tell you, in writing, there is no assessment on file. You then have point blank evidence, from the IRS, that they are full of it, and they drop their tax claim. Just one way to beat back the tax gestapo.
D
Deleted member 110025
Guest
I have heard as well that it applies to US customers only