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Topic: Interesting article regarding the IRS and the internet... (Read 11062 times)

legendary
Activity: 1652
Merit: 1088
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That is quite ridiculous. The government never ceases to amaze me on how much control they try to assert over all things period.

Granted it states: "reporting is required only if gross amounts for the year exceed $20,000 and there are more than 200 transactions."

But nonetheless it is tightening internet sales which will eventually go further and further to make the internet the same as real life commerce in the sense that only the big boys will be able to afford to play the game, so to speak. Massive megacorps will take over the internet more than it has and ultimately small business will be pushed out. My city used to have a thriving local economy until... megacorps moved in pushing out the small businesses due to lower costs and prices due to mass marketed cheap products produced and stored in high volume. The internet was a more level field of play in commerce until more recently.




It's because they are desperate for money. This is what happens when govts run deficits people - they start to claw around and tax everything that moves.
legendary
Activity: 1610
Merit: 1178
People don't give a damn about any of this, as long as they can keep buying stuff and fiat is accepted for what they want to buy, they will use fiat because it's the standard. Our only hope for mainstream Bitcoin usage is that people get pissed off at government getting rid of physical cash, other than that, Bitcoin will remain gold 2.0 and not an actual everyday usage currency.
jr. member
Activity: 44
Merit: 10
Yes! People really don't understand that the decentralization of currency is only possible due to advancements that have allowed software to become autonomous.

The Blockchain does not only represent the end of the elitist control of the worlds money supply, it also marks the beginning of the end for centralized corporations, or at least a fork in the road.

Bitcoin itself is a distributed autonomous corporation, it's a piece of software that acts as a corporation.

It has employees that it pays with BTC to secure it's network (miners), it has shareholders (investors/traders) and one of it's services is value transmission, among others.

Bitcoin is the first ever distributed autonomous corporation, that is competing with paypal, traditional banks, visa, mastercard etc - and ownership of this corporation is distributed globally

In the next 10 - 20 years, organisations such as the IRS and other centralized government corporations will have been surpassed by some form of DAC 
newbie
Activity: 56
Merit: 0
That is quite ridiculous. The government never ceases to amaze me on how much control they try to assert over all things period.

Granted it states: "reporting is required only if gross amounts for the year exceed $20,000 and there are more than 200 transactions."

But nonetheless it is tightening internet sales which will eventually go further and further to make the internet the same as real life commerce in the sense that only the big boys will be able to afford to play the game, so to speak. Massive megacorps will take over the internet more than it has and ultimately small business will be pushed out. My city used to have a thriving local economy until... megacorps moved in pushing out the small businesses due to lower costs and prices due to mass marketed cheap products produced and stored in high volume. The internet was a more level field of play in commerce until more recently.

$20,000 is a good chunk of money to earn unreported so I guess it is not too bad.

It is the gross amount, not profit. It is very difficult to earn $20,000 profit a month from Ebay. The fee is too high.
legendary
Activity: 1442
Merit: 1014
it was expected, they can already track everything if they want, as long as you use their centralized money

bitcoin was meant from the beginning to be used directly, and it's onyl a matter of time, with open bazar and similar

the good thing is that not everyone live in the USA...

You are so right.
Decentralization is the only solution to that.
Centralization=total control=abuse of power
legendary
Activity: 2716
Merit: 1030
it was expected, they can already track everything if they want, as long as you use their centralized money

bitcoin was meant from the beginning to be used directly, and it's only a matter of time, with open bazar and similar

the good thing is that not everyone live in the USA...
legendary
Activity: 1135
Merit: 1001
I... am... afraid... your friends at Paypal will bow to the state.

Paypal has already been reporting 1099's for accounts that gross over $20K and 200 transactions in a year.

https://www.paypal.com/us/webapps/helpcenter/helphub/article/?solutionId=FAQ729

This is old news as far as Paypal is concerned.

It is. But the post you are quoting is older.
donator
Activity: 1615
Merit: 1003
I... am... afraid... your friends at Paypal will bow to the state.

Paypal has already been reporting 1099's for accounts that gross over $20K and 200 transactions in a year.

https://www.paypal.com/us/webapps/helpcenter/helphub/article/?solutionId=FAQ729

This is old news as far as Paypal is concerned.
sr. member
Activity: 378
Merit: 250
That is quite ridiculous. The government never ceases to amaze me on how much control they try to assert over all things period.

Granted it states: "reporting is required only if gross amounts for the year exceed $20,000 and there are more than 200 transactions."

But nonetheless it is tightening internet sales which will eventually go further and further to make the internet the same as real life commerce in the sense that only the big boys will be able to afford to play the game, so to speak. Massive megacorps will take over the internet more than it has and ultimately small business will be pushed out. My city used to have a thriving local economy until... megacorps moved in pushing out the small businesses due to lower costs and prices due to mass marketed cheap products produced and stored in high volume. The internet was a more level field of play in commerce until more recently.

$20,000 is a good chunk of money to earn unreported so I guess it is not too bad.
vip
Activity: 1428
Merit: 1120
http://www.auctionbytes.com/cab/abu/y210/m03/abu0258/s03

IRS to Track Online Sellers' Payment Transactions Beginning Next Year
By Barbara Weltman
(Darth Sidious Voice)
I... am... afraid... your friends at Paypal will bow to the state.

We may, in the next year or two, have to think about NOT exchanging to dollars anymore

Barbara later went on to penning articles about Bitcoin: http://www.barbaraweltman.com/blog/index.php/smallbusiness/bitcoin/
newbie
Activity: 12
Merit: 0
That is quite ridiculous. The government never ceases to amaze me on how much control they try to assert over all things period.

Granted it states: "reporting is required only if gross amounts for the year exceed $20,000 and there are more than 200 transactions."

But nonetheless it is tightening internet sales which will eventually go further and further to make the internet the same as real life commerce in the sense that only the big boys will be able to afford to play the game, so to speak. Massive megacorps will take over the internet more than it has and ultimately small business will be pushed out. My city used to have a thriving local economy until... megacorps moved in pushing out the small businesses due to lower costs and prices due to mass marketed cheap products produced and stored in high volume. The internet was a more level field of play in commerce until more recently.


newbie
Activity: 42
Merit: 0
http://www.auctionbytes.com/cab/abu/y210/m03/abu0258/s03

IRS to Track Online Sellers' Payment Transactions Beginning Next Year
By Barbara Weltman
(Darth Sidious Voice)
I... am... afraid... your friends at Paypal will bow to the state.

We may, in the next year or two, have to think about NOT exchanging to dollars anymore
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