I am getting ready to do my taxes this year and I ran accross the new Paypal Law the goverment started that states people that have $20k+ or 200+ transactions must be reported to the IRS.. Does anyone have more knowledge on this.. I seriously feel VERY sick to my stomach right now after reading about this. Not a good day at all
Not to mention the text im getting from my wife about this doesnt help right now either
What I am trying to understand is 1-1-2011 effective date or am I going to get a nice nasty gram in the mail from Uncle Sam asking me to pay up for my hobby for the last tax year?? Anyone that knows a little more about this please feel free to contact me.
2011 Street A National Champion
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