Quote:
Originally Posted by Aquarian Sports Cards
This seems like a misunderstanding of the statutes, at least according to the PAA. Me taking Paypal has nothing to do with my consignors. If I paid THEM in paypal that would be a completely different issue. The IRS has assured the Pennsylvania Auctioneers Association that as long as an auctioneer is not a payment processor (and no writing checks to a consignor does not make one a payment processor) they are not covered by the new guidelines. We have been told that basically auction status has not changed. That being said, consignors, pay your taxes!!!
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Exactly, Scott. If you report your sales then who cares if ya get a 1099 or not.
It is a bit annoying but I know a few guys who are "collectors" who sell on eBay and do deals outside of the site and are taking in hundreds of grand a year with gift payments, which are not reported. They do not report the sales or pay the resulting income tax.