Thank you Big Brother and PayPal

[Scott_]

Well thanks to the IRS and new regulations implemented this year it looks like it's time for me to close my PayPal account.
I've spent over $6K dollars thru PayPal thru the years but I was never "Verified" as I was NOT going to give them my banking information.
Now since the new IRS rules, PayPal has now implemented a $2000 total transaction limit for "unverified" accounts. Needless to say my account was "suspended" because I was over the $2K limit.....

The jist of the IRS rules apparently now requires PayPal to report transactions to the IRS so the IRS can decide it we are cheating on our taxes if we do/don't report extra income.......

In order for PayPal to be able to report this $ transaction information they want you to link your bank account, or they want you to sign up for their "PayPal" credit card(which involves personal info) to then become "verified". Either way they want information so the IRS can connect you to the transactions.

Those that have already been "verified" should be aware that any PayPal "income" is now at potential risk of being reported to the IRS. They may try to downplay it by saying it's only "E-bay" sales, but I wouldn't trust them to not report EVERY incoming $ from any transaction....

BEWARE....

[argent brick]

Yes, Big Brother is alive and well unfortunately. The Peoples Republic of California expects you to report purchases that you have made outside of CA on your state income tax and pay sales taxes as if the purchases were within the state's borders. Go figure.

Big Brother is about to get more power if the immigration bills in Washington are signed by the President. If he signs the UN small arms treaty, BB will have even more power.

[Scott_]

We here is Iowa are supposed to so the same also, but there has been no enforcement, all voluntary......

Sounds like now BB want's to make sure they get their piece of the pie, now that they see how much they are missing out on......

[k98DOG]

I can't stand PayPal.  They work like a bank but fall under no regulations.

 :musicboohoo:

[sh00ter]

Scott if I were a betting man I'd bet it was more about finding structured transactions and potential money laundering than cheating the IRS out of some income.