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

[Greg B]

http://www.freedomworks.org/newsroom/press_template.php?press_id=2571

You will have to read this article to believe this shit.

Can anyone say, George Orwell?

[themonk]

so bad news here:-pearl:

[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.

[tony404]

I read it and its over 10k, so its just like the banks and casinos.

[Greg B]

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! )

[RawAlex]

Greg, I think you need to check your tin foil hat again. I think it is too tight and cutting off the bloodflow.

The proposal requires information reporting on payment card and third party network transactions. Payment settlement entities, including merchant acquiring banks and third party settlement organizations, or third party payment facilitators acting on their behalf, will be required to report the annual gross amount of reportable transactions to the IRS and to the participating payee. Reportable transactions include any payment card transaction and any third party network transaction. Participating payees include persons who accept a payment card as payment and third party networks who accept payment from a third party settlement organization in settlement of transactions. A payment card means any card issued pursuant to an agreement or arrangement which provides for standards and mechanisms for settling the transactions. Use of an account number or other indicia associated with a payment card will be treated in the same manner as a payment card. A de minimis exception for transactions of $10,000 or less and 200 transactions or less applies to payments by third party settlement organizations. The proposal applies to returns for calendar years beginning after December 31, 2010. Back-up withholding provisions apply to amounts paid after December 31, 2011. This proposal is estimated to raise $9.802 billion over ten years.

So let's see: It's an annual report (not a transaction by transaction report), and third party processors don't have to report unless there is more than 10k a year or 200 transactions.

I just don't see the problem here. If anything, as a responsible taxpayer, you should be happy that the government is going after people who have attempted to slip under the radar and take huge amounts of money under the table.

I have to shake my head sometimes.

[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.

[gonzo]

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.
These processors have enjoyed being below the radar longer than I thought they would. Uncle Sammy is getting his now.

[softball]

Fucking pay your taxes. I do and I get pissed off with those that don't. I drive down paved streets. I turn on my tap and the water runs. I flush my toilet and the shit disappears like magic. I am in Canada and if I get sick, I go to the doctor or hospital and someone fixes me...at no cost.
Fucking Wesley Snipes and the rest of those "respectable" people that avoid tax can go to hell in a hand cart.
It is your privilege and duty as a citizen to pay as little tax as necessary, but if you cheat, you just take money out of my pocket so fuck you.

[pam]

Fucking pay your taxes. I do and I get pissed off with those that don't. I drive down paved streets. I turn on my tap and the water runs. I flush my toilet and the shit disappears like magic. I am in Canada and if I get sick, I go to the doctor or hospital and someone fixes me...at no cost.
Fucking Wesley Snipes and the rest of those "respectable" people that avoid tax can go to hell in a hand cart.
It is your privilege and duty as a citizen to pay as little tax as necessary, but if you cheat, you just take money out of my pocket so fuck you.

Oh good, you're back. I thought you'd gone soft or something lately.

[gonzo]

Fucking pay your taxes. I do and I get pissed off with those that don't. I drive down paved streets. I turn on my tap and the water runs. I flush my toilet and the shit disappears like magic. I am in Canada and if I get sick, I go to the doctor or hospital and someone fixes me...at no cost.
Fucking Wesley Snipes and the rest of those "respectable" people that avoid tax can go to hell in a hand cart.
It is your privilege and duty as a citizen to pay as little tax as necessary, but if you cheat, you just take money out of my pocket so fuck you.

I pay mine. My ass is still sore from 7K I sent them last week.

[Hell Puppy]

Bring on the fair tax...

http://www.fairtax.org

[Toby]

Bring on the fair tax...

http://www.fairtax.org

A nice idea, but I don't think it has a snowballs chance of ever getting through Congress because of the fact below. The fat cats will never vote to increase the tax on themselves and their wealthy campaign contributors.
"Hence, the very wealthy will pay more taxes when the FairTax is enacted. In a nutshell, those who spend more will pay more but low, moderate and middle income taxpayers will benefit from the greatest gains in reduced tax liabilities."

[Greg B]

These processors have enjoyed being below the radar longer than I thought they would. Uncle Sammy is getting his now.

Taxes ain't the problem, it's the management of those taxes and the abuse of the authority I'm talking about. It's not gray area and one of history. In the past 15 years there have been many reforms in the IRS. That's a good sign, however, we've seen far too many instances of people abusing government authority for criminal purposes and the decreases in the Bush cabinet/henchmen is proof of that.

I think half the IRS staff are relatives of mine, believe me I know.

[Greg B]

Bring on the fair tax...

http://www.fairtax.org

That's too logical and fair. It'll never pass the legislative mafia. The U.S. owes so much money in lawsuits and reparations we the public know nothing about that we'll continue to see taxation at these levels and far more. When Obama takes office you will see some serious damage of the superrich and that won't sit well.

We need The Tick to bring justice to the world.

[RawAlex]

Taxes ain't the problem, it's the management of those taxes and the abuse of the authority I'm talking about. It's not gray area and one of history. In the past 15 years there have been many reforms in the IRS. That's a good sign, however, we've seen far too many instances of people abusing government authority for criminal purposes and the decreases in the Bush cabinet/henchmen is proof of that.

I think half the IRS staff are relatives of mine, believe me I know.

As I said above, you need to loosen up that tin foil hat... the blood ain't making it to your brain anymore.