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In fact they do. "Since 2011, PayPal has been required by the IRS to report the sales of goods and services for customers who, in a single year receive: More
by unreal37 10y ago
In fact they do.
"Since 2011, PayPal has been required by the IRS to report the sales of goods and services for customers who, in a single year receive:
More than $20,000 USD, AND
200 or more payments."
[1] https://www.paypal.com/us/selfhelp/article/How-does-PayPal-report-my-sales-to-the-IRS-Will-I-receive-a-1099-tax-statement-FAQ729 https://www.paypal.com/us/selfhelp/article/How-does-PayPal-r...
- tyingq 10y agoThat is a significantly smaller subset than "all US customers and all US transactions". The point is that it's a fishing expedition.
- criley2 10y agoWell sure, they don't need to fish in USD, but they do need to fish in bitcoin. It is what it is, but if I dealt in bitcoin over that period of time, and my returns didn't reflect it, I would be talking to tax attorneys and filing amended returns BEFORE the IRS letters started, not after.