PayPal and IRS as of 1 January 2011

BrianT said
Looks like that is only gonna effect people who should be paying taxes on that many transactions anyway. If I start a local small business and have receipts of over those limits, I would owe taxes. Why should the internet businesses get a break over local businesses?!?

This internet businesses getting tax breaks is something many Florida merchants have been screaming about for years! Even though my county's
taxes are only 7 percent, one would have to consider that 7 percent off the top and if your profit margin is 20 percent after the dust settles and then you have to take off 7 percent you will be struggling to make a living unless you have big volume! The deep pockets that the government went after (tobacco for example) aren't available any more, so....what you said 340 plot about them sticking us is very true. The government has basically printed money and thrown it at the economic problems without anything to back it up. And now we will be having to pay for it and I feel that the mindset is lets get money from every possible source. I'm sure that if your Paypal history shows that you PAID out more than you brought in that you will be still paying taxes on it.