Comments on: What You Need to Know About the IRS’s New Reporting Requirements for Merchants http://www.merchantmaverick.com/news/irs-reporting-requirements-merchants/ Merchant Account Comparison Reviews and Ratings Fri, 03 Feb 2012 19:26:20 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Lydia Lerner http://www.merchantmaverick.com/news/irs-reporting-requirements-merchants/comment-page-1/#comment-5809 Lydia Lerner Fri, 14 Oct 2011 20:23:56 +0000 http://www.merchantmaverick.com/?p=4367#comment-5809 Paypal told us about this over a year ago and only today did we receive an email telling us that they are sending us a letter about the IRS new reporting. It was very ominous sounding that we may have to have funds withheld. If this is about the 1099k it would work the same way as all 1099s - you pay your quarterly taxes based on prior year then you will owe more in April most likely. We do have reconcile all refunds and shipping because it will be the gross but we have all known about this for over a year due to Paypal alerting us and requesting tax id updates and social security numbers.<table class="ratings"><tr><td class="rating_label">User Rating</td><td class="rating_value">Not Rated</td></tr></table> Paypal told us about this over a year ago and only today did we receive an email telling us that they are sending us a letter about the IRS new reporting. It was very ominous sounding that we may have to have funds withheld. If this is about the 1099k it would work the same way as all 1099s – you pay your quarterly taxes based on prior year then you will owe more in April most likely. We do have reconcile all refunds and shipping because it will be the gross but we have all known about this for over a year due to Paypal alerting us and requesting tax id updates and social security numbers.
User Rating Not Rated
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