Posted September 22, 2011 at 3:51 pm
Everything you need to know about IRC Section 6050W
Starting in 2011, all US payment providers including PayPal will be required by the Internal Revenue Service (IRS) to report sales information to the IRS about certain customers who receive payments for the sale of goods or services through PayPal.
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Applies to sellers receiving over $20,000 in gross payment volume AND over 200 payments Applies only for sales on or after January 1, 2011