Thursday, July 17, 2008

You need to know this!

Sent to me today from my store at eBay. I find it very worthy to share::

Proposal would require PayPal to report seller activity to IRS

We are asking you to help oppose Internal Revenue Service (IRS)
efforts to require "payment facilitators" - including PayPal - to
report to the government the total amount of online payments received
by each of their individual users each year. The stated goal of the IRS is to gather new information on the revenues of "small businesses," but the IRS is requesting data on people who are engaged in relatively small levels of activity, potentially, as little as $600 in payments per year - an amount that hardly qualifies as a genuine business. We believe that any new "reporting" on small businesses should only impact real and ongoing business activity. There should be a reasonable threshold, below which it is presumed that activity is personal and therefore not subject to new IRS reports. As a PayPal user, you know that PayPal makes sending money over the Internet easy and safe, whether for commercial or personal use. If the IRS creates new rules that appear to put new tax burdens on individual Internet users (rather than true businesses), some people will return to slower and riskier payment methods, such as cash, checks or money orders to avoid the headaches of new and unwarranted IRS scrutiny. This will hurt eCommerce consumers.

Please urge Congress to oppose the IRS's "electronic payments reporting" proposal unless they determine a threshold high enough to prevent new burdens on individual Internet users like you.

Click here to make your voice heard today.

Sincerely,

The PayPal Government Relations Team

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