Tax Info for U.S. related to paypal payments received

Post by **Sissyboy** » Tue Feb 07, 2012 3:51 pm

https://cms.paypal.com/us/cgi-bin/marke ... s/IRS6050W

Post by **Zeus** » Tue Feb 07, 2012 4:17 pm

Just another way for good ol uncle same to make sure you cant make a dime without him taking at least a nickel of it.

Post by **Mutt** » Tue Feb 07, 2012 10:51 pm

It seems like they left a big fat loophole through it via collusion, though.

Example: let's say you know for a fact BBA is going to meet the requirements (over 20k a year and over 200 individual payments per year), to the tune of (just throwing numbers around) $35,000 per year, and 350 payments. You grab a trusted friend, and have people split the payments between the two of you. Directly, you get $25,000 and 175 payments, and your accomplice gets $10,000 and 175 payments. Your accomplice then turns around and sends you a single payment of $10,000. By Paypal regs and the law, you then have taken in all $35K, but with only 176 payments, sliding you under the radar and outside the parameters of the IRS tax code.

Post by **KrispyKritter** » Wed Feb 08, 2012 12:45 am

Am getting suspicious about how Mutt makes a living.

Post by **Sissyboy** » Wed Feb 08, 2012 9:09 am

KrispyKritter wrote:Am getting suspicious about how Mutt makes a living.

Post by **Mutt** » Wed Feb 08, 2012 2:37 pm

KrispyKritter wrote:Am getting suspicious about how Mutt makes a living.

I didn't write the law, I just read the fine print.

Post by **KrispyKritter** » Fri Feb 10, 2012 7:45 pm

Mutt wrote:
KrispyKritter wrote:Am getting suspicious about how Mutt makes a living.

I didn't write the law, I just read the fine print.

I would never imply that you are a Lawyer or Politician. I was astounded by the devious mind that came up with this convoluted con so quickly!