Re: eBay to Force U.S. PayPal Use

[David Farber <dave () farber net>]

Begin forwarded message:

From: "Ethan Ackerman" <eackerma () u washington edu>
Date: August 20, 2008 3:39:32 PM EDT
To: dave () farber net
Cc: "David Lesher" <wb8foz () nrk com>
Subject: Re: [IP] Re: eBay to Force U.S. PayPal Use
Reply-To: eackerma () u washington edu

Greetings Dave, David

The mandatory credit card gross receipts reporting obligation applies
to PayPal (among others) but only presently requires reporting on
merchants who collected more than $20,000 and have 200 or more
transactions in a year, and only requires reporting beginning in 2012.

Paypal explains as much on their blog:
https://www.thepaypalblog.com/2008/08/proposed-irs-reporting-requirements-become-law/

The CDT has done a good job of explaining why the idea is a bad one,
regardless of the thresholds:
http://www.cdt.org/publications/policyposts/2008/6

I'd add that the thresholds can easily be lowered, and most certainly
will be the next time Congress needs to offset a large expense such as
the housing bill that triggered this provision.



On 8/20/08, David Farber <dave () farber net> wrote:
> Begin forwarded message:
>
> From: "David Lesher" <wb8foz () panix com>
> Date: August 20, 2008 1:50:19 PM EDT
> To: dave () farber net (David Farber)
> Subject: eBay to Force U.S. PayPal Use
>
> Note this automatically sweeps all "auctions" under the recently  
> enacted
> [inside the Housing and Economic Recovery Act] mandatory credit card  
> use
> reporting.
>
>
>
>
>
>
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