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Author Topic: Opinons requested about Dodd's little addition to housing bill
YaYawoman

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Icon 1 posted June 21, 2008 10:56      Profile for YaYawoman     Send New Private Message       Edit/Delete Post   Reply With Quote 
Hi guys, just soliciting opinions on the little provision slipped into thehousing bill by the elected crooks, oh excuse me i meant politicians. I just saw blurbs about it today and went looking for more info.

This is targeted towards businesses and tax compliance, but in your opinion how long before they start using the data in other ways and how long before they start adding onto reporting requirements?

http://arstechnica.com/news.ars/post/20080620-paypal-rules-in-housing-bill.html

Any small to midlevel business owners here? How would this hit you?

Thanks
yaya

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Colonel Panic
BlabberMouth, the Next Generation
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Icon 1 posted June 21, 2008 16:33      Profile for Colonel Panic         Edit/Delete Post   Reply With Quote 
Ya-Ya,

"They" already have the right to tap my phone and read my e-mail.

CP

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dragonman97

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Icon 1 posted June 21, 2008 17:19      Profile for dragonman97   Author's Homepage     Send New Private Message       Edit/Delete Post   Reply With Quote 
I thought they already reported such things - honestly, there's no reason they shouldn't. Amazon reports your earnings if you make a lot on mturk, and there are other similar 'earning' systems that have tax components. People have to pay their fair share, and typically significant earnings are automatically reported to the government.

My peeve? If the government already has all your important tax data, why can't they just send you a pre-filled 1040 and ask you to sign off on it? (Best of all, do it electronically without using commercial middle-men.) There's really no reason why people should have to jump through hoops - if you want to get your return professionally processed, go for it - but let the majority of the people do it the easy way.

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PaidPhreak
Discontinued


Icon 1 posted July 01, 2008 13:56            Edit/Delete Post   Reply With Quote 
hmmmm...

The article says they nend to start filing "aggregate transaction reports"... and the processors are whining that it's an "incorrect premise that electronic payments foreshadow profits"

Ok... perhaps a bean counter out there could clarify: would not an aggreate report also be listing charge backs, discounts, etc, so the IRS WOULD be getting a true indication of revenues? (and it's revenues, not profit, that gets taxed anyway, regardless of what the quote above implies)

If they won't do the RIGHT thing and abolish the damn income taxes, they could at least ensure that everyone is in compliance. Not fair if those lucky enough to accept cards can hide their revenue more easily.

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