Taxes

As of Jan 1, 2011 The IRS is now requiring your credit card processor, including PayPal and the like, to report to them how much money you're receiving by accepting credit card, etc. payments they've processed for your business. The figure the IRS asked for is the gross, unadjusted amount, so if you processed $100 in gross receipts, that's the number they are going to send to the IRS, even if you had a $20 chargeback and $15 in fees. At the end of the year the processor will send you a 1099 showing you the total dollar amount that you received through them and that they reported to the IRS.

The G20 talks were considered a great success by the participants, but leave many wondering about what happened to financial privacy. The world seems to be heading in the distinct direction of us all having to give up any semblance of privacy in our lives, financial or otherwise.

The good news is that all of us involved in legitimate business and tax economization strategies have our names on the companies anyway, so ultimately this won't affect us at all.