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The largest independent, non-commercial, consumer-oriented resource on the Internet for owners, collectors and enthusiasts of fine wristwatches. Online since 1998. | |||||||
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Vintage Heuer Discussion Forum
The place for discussing 1930-1985 Heuer wristwatches, chronographs and dash-mounted timepieces. Online since May 2003. | ||||||
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"Starting in 2011, Internal Revenue Code (IRC) Section 6050W states that all US payment processors, including PayPal, are required by the Internal Revenue Service (IRS) to provide information to the IRS about certain customers who receive payments for the sale of goods or services through PayPal. These new rules apply to sellers who receive over $20,000 in gross payment volume AND over 200 separate payments in a calendar year."
so does anyone know what tax rate is applied here? do they apply it to the $20,000? - your gross profit? any powersellers out there?
any guidance would be appreciated.
Best Regards,
Lanny
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