New Law makes google, ebay, amazon, cc companies report all transactions to Feds

[RawAlex]

I don't see the issue here.

If you are selling significant amounts of stuff on ebay, then you are likely running a business, even if it is a hobby. There is a huge grey market out there of people operating profitable businesses without declaring any of the revenue. There has to be some method to track that grey market and assure that people are declaring revenues. You have to admit that Ebay selling represents at least hundreds of millions of dollars of business each year.

I suspect that while much data will be collected, a trigger amount will have to be hit before anything is done.

If anything, this could be another kick at epass and their business model, which some have likened to more of a laundromat and less of a bank.

[Greg B]

Originally Posted by RawAlex

I don't see the issue here.

If you are selling significant amounts of stuff on ebay, then you are likely running a business, even if it is a hobby. There is a huge grey market out there of people operating profitable businesses without declaring any of the revenue. There has to be some method to track that grey market and assure that people are declaring revenues. You have to admit that Ebay selling represents at least hundreds of millions of dollars of business each year.

I suspect that while much data will be collected, a trigger amount will have to be hit before anything is done.

If anything, this could be another kick at epass and their business model, which some have likened to more of a laundromat and less of a bank.

The issue here really isn't about declaring revenue. It's about privacy and having one's personal data used against one by falling into the hands of unscrupulous persons. It's happened over and over again especially with that massive scandal with Israel several years ago. Our government under it's present ethics posture cannot be trusted. Those evil doers using the color of authority to commit crimes are still in abundance and until they're routed no one is safe from their unscrupulous underdoings. ( I sound like Commissioner Gordon! )