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  Buffalo Bad Asses :: View topic - Tax Info for U.S. related to paypal payments received
 
Tax Info for U.S. related to paypal payments received

 
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Sissyboy
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PostPosted: Tue Feb 07, 2012 2:51 pm    Post subject: Tax Info for U.S. related to paypal payments received Reply with quote

https://cms.paypal.com/us/cgi-bin/marketingweb?cmd=_render-content&content_ID=marketing_us/IRS6050W
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Zeus
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PostPosted: Tue Feb 07, 2012 3:17 pm    Post subject: Reply with quote

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. mad
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Mutt
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PostPosted: Tue Feb 07, 2012 9:51 pm    Post subject: Reply with quote

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.
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KrispyKritter
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PostPosted: Tue Feb 07, 2012 11:45 pm    Post subject: Reply with quote

Am getting suspicious about how Mutt makes a living.
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Sissyboy
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PostPosted: Wed Feb 08, 2012 8:09 am    Post subject: Reply with quote

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


lmao lmao
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Mutt
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PostPosted: Wed Feb 08, 2012 1:37 pm    Post subject: Reply with quote

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


hm I didn't write the law, I just read the fine print. contract
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KrispyKritter
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PostPosted: Fri Feb 10, 2012 6:45 pm    Post subject: Reply with quote

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


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


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! eek
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