IRS Granted Permission for Paypal records
 

Tax officials won permission from a federal court in San Jose to ask PayPal for account information for customers who have had money sent to financial institutions in 30 countries known to be tax havens, according to an Associated Press report. The request will involve transactions from 1999 to 2004.

full story

http://www.mercurynews.com/mld/mercu...s/14318564.htm

I bet we hear about some missing paypal employees soon , and vanishing transactions records

dam, most ebayers probably do not claim taxes on their paypal, i know many who do not. i wonder what tax brackets they will be targetting?

Well I'll see you all in 5 to 10. :eek7

Render unto Caesar that which is Caesars ...

I thought money earned from ebay fell into the yard sale category..and I didn't think you had to report that.

Course, with all the ebay stores, that may not apply anymore....

My accountant says, as long as there is a paper trail that can be generated or an electronic trail...like me transferring my paypal funds to my bank, then it's reportable...

I know there are a lot of people shitting their pants right about now. All those years of unclaimed income paid via PayPal. I'm glad I've never received payment, rather only sent.

Lots of people going to be hurting when they are forced to pay out big to the IRS for all their ebay sales? I know some big people on ebay and good for them they pay in and track every sale / ebay fees etc.

that's shitty

i pay taxes based on what comes into my bank account....and since all my income comes throug there one way or another..im not too worried

but yeah...some people will be fuckered..lol

Funny Raven!!! :winkwink:

So is that the basis of accounting ethics of the American Institute of Certified Public Accountants? :)

While most "yard sales" are federally exempt from taxes, on a state level that is different.

not worried, i report what income i get. you just never know what may happen. (that includes paypal, epass, etc)

Maybe for the people who sell one or two items per year on there. However lots of people make a living on ebay and that's more like being a "flea market vendor" than having a "yard sale"

Pay Pal is a bunch of assholes. They didn't even fight off the IRS.

LOL....now that I re read that, it does sound kind of like she's saying 'if I don't see the trail, you don't have to report it'.....

I figure, if money enters my bank account....no matter from where it comes, it's reportable income. If someone hands me cash, well, it's my ethics, not hers....:)

That's what I was thinking....since so many are now earning some real money from EBAY. With their stores and new merchandise for sale, rather than what's in their attics and garages, I'm guessing 'yard sale' may not apply.

if i would not have come clean with paypal a long time ago i wouldnt sleep so good at night anymore

im surprised paypal even put up a fight. they certainly handed my info over without going to federal court.