As of July 28th business accounts on PP can no longer accept FF payments. Only personal accounts can now receive FF payments.
PayPal Payment Changes
- Thread starter AJL67
- Start date
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Well you know with a possible 87,000 more IRS agents coming they need something to do.
All of that aside a lot of people sell here and (other boards) that prefer FF and now with their business accounts taking in money for goods and services everything will change as far as taxes. I suppose the best thing would be if they just make personal accounts and keep getting money via FF.
All of that aside a lot of people sell here and (other boards) that prefer FF and now with their business accounts taking in money for goods and services everything will change as far as taxes. I suppose the best thing would be if they just make personal accounts and keep getting money via FF.
Maybe the abuse of Friends and Family is driving this.
PayPal doesn’t get a cut, but more importantly they got tired of FF complaints when the seller shit all over the deal and became neither a friend or family.
I’ve been burned once.
Occam’s Razor
PayPal doesn’t get a cut, but more importantly they got tired of FF complaints when the seller shit all over the deal and became neither a friend or family.
I’ve been burned once.
Occam’s Razor
I agree they have just let it go and go and now are slamming on the brakes. Lots of people use the system to their advantage, I have bought 1000s and 1000s of dollars in cigars that have gone to a "real-estate agency".
Let them pound sand, I overnight money orders.
Call me old fashioned but I prefer either to send a money order or a check. If I know the person then cash in an Express Mail next day envelope. Anything else just lets Uncle Sam take a wander through your personal stuff.
Yep, I won't do any sort or electronic financial transactions anymore. Been hacked too many times.
When you file, just go through each transaction and itemize. When I buy a pipe, I just list it as a draw for myself, and it ends there. And, if someone is selling enough pipes to get a 1099, then you ARE a business and you’re not very smart to use F&F anyways.
I don't disagree with you. I think the 1099 limit is now only $600 though. I'm surprised they allowed F&F payments to a business account this long. Doesn't make a lot of sense to have that option for a business. Yes, some people with a business account would argue otherwise, but I never mix my personal and business stuff.
I don't consider IRS agents "people".
Yup ? learned this lesson with of all things "Pokemon Cards" I had to get a business license for a hobby shop because I was selling so many at one point. But like all good things that came to an end and my taxes were pretty crazy compared to years prior when I was selling for fun. It's free for a business license here in New Mexico, So the smartest thing would be if your selling that much through (PP FF) is to start a business and be able to deduct most of what your selling that you have receipts for as business expenses.
Makes sense to me that this happened. In fact, I'm surprised it didn't happen sooner. Businesses can't have "friends" or "family" because, well....they're businesses! They're non-living legal entities, not living beings that can have friends or a family. Can Walmart and Starbucks be "friends?" Of course not. So it makes perfect sense that PayPal put the kibosh on this option (another sub-entity of theirs, Venmo, will probably follow suit, if they haven't already done so). @kschatey said it best: business and personal do not mix. I also am in the same boat as @condorlover1 regarding so-called "antiquated" payment methods. Not only does it circumvent all the rule/policy changes that the third party payment processors are always unleashing on their customers, but it's also a great way to avoid their ever-increasing transaction fees. As far as I'm concerned, that's a win-win. And with bloated corporate greed perpetually on the rise with no end in sight, people are going to have to start seriously considering alternatives to the way they used to do business. It's either that, or go down with the ship.
It's not about paying taxes.. It's a matter of privacy.
Honesty is a real tough standard for most people.
A seller saying “F&F only” has always read to me as, “I want to be able to screw the buyer without any repercussions.” Because if it was just about the few extra bucks, he’d have added it to the price.
Why not just make another "personal" account instead of using a business account?
So you think 90% of the people who sell here on the forum are screwing the buyers?
If you don't use FF the buyer can just make a claim and Paypal always sides with the buyer. Whenever a Lurker with no posts says I can only pay with Goods and Services it has always read to me as, “I want to be able to screw the seller without any repercussions.”