- Dec 21, 2015
- Reaction score
I imagine this won’t be effecting friends and family transactions so on PCF we can continue on with business as usual. I haven’t paid for chips (except for eBay) any other way since the CT days.
It will certainly affect the way I accept payments going forward. I dint know how many transactions you've done around here where you tell the buyers to pay via "friends & family", but a significant percentage of the time, the buyers will fuck it up and pay via "goods & services". At $600, it only takes one sale for you to get a 1099 now. And refunding the buyer won't matter either. You will still have crossed the $600 threshold, and it will be your responsibility to show that you don't owe any money. With as often as this happens, I probably won't be accepting any PayPal payments at all next year. Unless it's someone who is well established here and who definitely knows how to send via friends & family. But even then, I might not. All it takes is one mistake and then I have to file a Schedule C with my tax returns and become self employed. It's a massive fucking headache. This is a major inconvenience for hobbyists. We're going to have to start tracking every penny we spend and receive.
I'll probably only be accepting bitcoin, cash, or checks starting in 2022, unless other payment processors are able to avoid this headache.