Why I am shutting down the TechDIY Store

[BFNY]

Originally Posted by john65b

CASH ONLY THRU THE MAIL.

I have had plenty of purchases thru Tech-DIY and would have no issues mailing cash wrapped in paper...

I would never advise anyone do that, especially for amounts over say $5.

Cash in envelopes has a funny habit of disappearing in the US Mail system. The envelopes can tend to arrive empty. US Postal Service Money Orders via snail was pretty much the standard EBay payment method before Paypal. It works fine.

[TheShaman]

Originally Posted by AndrewT

I have not used Jackinnj as a supplier, but I can see that he offers a valuable service to our Community.

Are there any suggestions to help Jackinnj keep his little venture working for us?

QFT.

Originally Posted by john65b

(I know this can't work, but you can claim ignorance of the law)

Ignorantia juris non excusat.

[toprepairman]

Relocate to the Uk, running a business here is really quite simple.

[Tea-Bag]

I am in the same boat as Jack,
I've called Paypal earlier last year on this, no way to escape it.
If it I get totally burned by this, then I will have to make considerations, etc.

[BFNY]

This site supposedly helps one organize all this data, including paypal data, for making the tax job easier

Accounting Software for Etsy Sellers

here's the Paypal info page on the subject

https://cms.paypal.com/us/cgi-bin/ma...ng_us/IRS6050W

Note this ONLY includes payments for the "Sales of Goods or Services"
i.e. further down -

"Are personal payments that I receive counted in the total that will be reported to the IRS?

No. Personal payments that are not payments for the sale of goods or services will not be counted when determining if the IRS thresholds have been reached and will not be included on your Form 1099-K if you exceed the thresholds. However, all payments received for the sale of goods or services will be used to calculate the gross payment volume to be reported. PayPal monitors accounts to ensure that personal payments are not being used for sales of goods and services."

[Lavcat]

I used to have a business. Most of the sales were to other countries or out of state, but it was too much trouble to collect New Jersey sales tax.

[speaker]

Originally Posted by BFNY

US Postal Service Money Orders via snail was pretty much the standard EBay payment method before Paypal. It works fine.

This, lot's of this!

[theAnonymous1]

This is direct from paypal....

Starting in 2011, Internal Revenue Code (IRC) Section 6050W states that all US payment processors, including PayPal, are required by the Internal Revenue Service (IRS) to provide information to the IRS about certain customers who receive payments for the sale of goods or services through PayPal. These new rules apply to sellers who receive over $20,000 in gross payment volume AND over 200 separate payments in a calendar year. In order to help you understand these changes, we have prepared the following FAQs.

I guess I can stop sweating now.

[Steve Eddy]

I don't get it. What exactly is the problem here? You're a business. You sell stuff and collect money for it. How does the 1099-K change anything? As best as I can make of it, you're complaining because the new rule makes it more difficult for you to cheat on your taxes. Is that the issue here? I mean, you would be reporting this income even without the 1099-K, wouldn't you?

se

[AndrewT]

Surely this thread is not about tax avoidance?

If it is, then it should be closed.