PayPal just stomped a very large sale over the holidays because it was "over my recent sales pricing." Guess they forgot the 5 figure sales per transaction - reported the income - done with Japan and Eastern Europe for 10 years. Never had an unhappy customer. Now they want me to prove who I am and a lot more. Guess I am being ’disappeared.’ Flame off.
I think PayPal is under the gun because of cryptocurrency transactions as well as the $5k money laundering limit. I think ETSY, etc. has something to do with it - craft hobby and artisan businesses - who reports that stuff? I’ve met couples who have been making a great living making ’artisan’ items for decades and have never declared a dime in income.
My advice is to get a good accountant. You’ll get back more than his/her fee.
The only time I was ever audited was when I did my taxes with Intuit. If the ’accountant’ you find uses it, run.
PS
Does anyone know of a good alternative to PP?
I think PayPal is under the gun because of cryptocurrency transactions as well as the $5k money laundering limit. I think ETSY, etc. has something to do with it - craft hobby and artisan businesses - who reports that stuff? I’ve met couples who have been making a great living making ’artisan’ items for decades and have never declared a dime in income.
My advice is to get a good accountant. You’ll get back more than his/her fee.
The only time I was ever audited was when I did my taxes with Intuit. If the ’accountant’ you find uses it, run.
PS
Does anyone know of a good alternative to PP?