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 Mystery Shopping, Merchandising & Demo
 Independent Contractor Taxes
 1099 Reporting for Paypal Payments
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Orange Park, FL
23 Posts

Posted - 03/29/2012 :  12:51:04 PM  Reply  Reply with Quote
SCI will report income on 1099-Misc for all payments made by check. WE WILL NOT REPORT INCOME PAID TO YOU VIA PAYPAL! New regulations make that now a requirement of PayPal’s. The requirements are different however: https://cms.paypal.com/us/cgi-bin/marketingweb?cmd=_render-content&content_ID=marketing_us/IRS6050W&bn_r=o

The above is a message listed on the Shoppers Critique Site. In looking at the PayPal site and reading the FAQ, it seems that it only applies if two criteria are met ($20,000 and 200 payments). I think I need another CPA lesson.

Star Contributor

Attica, IN
2848 Posts

Posted - 03/30/2012 :  4:32:09 PM  Reply  Reply with Quote
That's strange since 1099s are supposed to be sent to everyone over $600. Maybe they are aware or things have changed.

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