Tag Archives: PayPal Pte. Ltd.

Webinar: Reconciling the 1099-K and 1099 MISC

This year, people in business or selling on eBay will be getting 1099s from both their banks (or PayPal) and their customers. Often, those 1099s will overlap, telling the IRS that you received much more money than you really earned. There is a trick to reporting these 1099s that will help you avoid audit, while […]

eBay Sales for Friends

Today TaxMama® hears from Judecat in the TaxQuips Forum who is helping a sick friend. Without going into detail – “Judecat is selling his personal treasures on eBay because he is too ill and doesn’t have access to the Internet. She wants to know the tax implications.”

Get All the Paperwork

Today TaxMama® hears from someone else in the TaxQuips Forum who is being audited. “This person is being audited by IRS for a child tax credit. At this point, she can no longer locate the care provider to get her Social Security Number – the woman’s phone is disconnected. She didn’t get receipts for her […]

Ask TaxMama Issue 627 – Bubbling Over

 Dear Family,  Earlier today, IRS announced that electronic refunds are on target. People can expect to find them in your bank accounts within about 10 days. But, some refunds will be delayed. IRS is beefing up the fraud detection system. Returns with Earned Income Credits, American Opportunity Credits and other refundable credits will take a […]

Getting Double 1099s

Today TaxMama® hears from Stephanie in the Tax Quips Forum with a very valid concern. “I’m concerned about this requirement that PayPal report my sales numbers via the 1099-K. The clients I work with will also have to send me a 1099-MISC. Won’t that be income that is double reported? Usually I just enter my […]

No 1099-MISC if Paid by Credit Card

[TaxMama Note: Another bookkeeping nightmare. Are YOU keeping track of how you pay YOUR vendors and service providers?] No 1099-MISC if paid by credit card (01-19-2012) In the instructions to Form 1099-MISC, the IRS has made it clear that payments made with a credit card, or through any third-party payer, are not reported on Form […]