Re: New Law makes google, ebay, amazon, cc companies report all transactions to Feds
Quote:
Originally Posted by pam
CCBill and such pay me more than $10k a year. It's reported on my taxes already. I don't see the problem. 'but the bill specifically targets payment systems like eBay's PayPal, Amazon, and Google Checkout that are used by many small online businesses.' I didn't know Amazon had their own payment system other than a credit card that goes through another company. If people are earning $10k via say Google Checkout selling tangible goods, then they most likely are running a business anyway. If not, then they will quickly learn to get receipts for the purchase price of what they buy so they can determine the profit and write off what they can.
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These processors have enjoyed being below the radar longer than I thought they would. Uncle Sammy is getting his now.
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