Pending change to tax laws

[Black Owl]

This change does not go into effect until 2012, but you may want to stick it in your something to remember file.

 

Effective 2012, the IRS will be receiving payment information from charge card companies ANDother financial entities such as PayPal. While the intent is to track folks that may be running off the book enterprises, they will also be able to see who is living beyond their reported income level.

 

This can come back and bit a few of us in the butt. Like donations made to Don via PayPal for maintaining the site would have to be claimed as income. Folks who are receiving payments for the purchase of raffle tickets, registration fees, etc... will have to claim that as income.

 

So, just a word to the wise....

 

[RandyR]

It is relatively easy to set up a non-profit corporation called a 501c. I think it costs $15 a year in Georgia, at least thats what it cost 10 years ago.

[gunboat]

thanks for the info, had no idea this was going to happen. looks like more taxation with out, well you know. were have i've heard that before?

don c.

[timgray]

Do it like we used to in the old days. Write him a letter and send him a 5'er in the US mail.

 

They cant track CASH yet.

[Guest Oldsalt]

Yes they can. Why do you think they went to the new bills and the embedded threads. They can now tell how much money you have in your pocket. A moment of silence while I bite my tongue..........................!

Oldslt