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n1ist:
Won't checks have the same issue?  I'd guess banks would  have similar reporting rules.
/mike

Dennis Cherry:
You are not allowed to view links. Register or LoginWon't checks have the same issue?  I'd guess banks would  have similar reporting rules.
/mike


--- End quote ---

You are right, the banks have the $10,000 rule that if you make a deposit of $10,000 or more it is reported to the IRS. Deposit $9,999 or less and it is not reported.

I think this is still being used by the banks and IRS.

tbone321:
The difference is that the banks ONLY report single deposits of $10,000 or more.  They have no concern about the number of small deposits or a total of small deposits.  What I would look into is what exactly paypal is basing this reporting on.  Is is all uses or is it only the payment type that we are using.  Remember, we are using the payment for goods and services option which even by its name indicates that it is intended for a for profit business use.  If one of the other options does not require them to report to the IRS, perhaps we need to make adjustments to use one of those other options.  I know that one of them doesn't send the address but if that's all it is then as long as the notes area is still sent to identify who sent the payment and what it is for then the missing address is easy to get around.  I do have another possible work around but it is a bit long to type out but it may make it a bit easier on the coop managers.

Freebird:
Okay  Im just thinking out loud here...  What about limiting coop managers to 9999.99 a year?  It would mean more coop managers would have to step up to the plate.  And then what about more coops and limiting the amount in a coop.  Just a thought.

Freebird

tbone321:
The problem with doing that is that it would limit the value of doing coops at all.  One of the primary benefits of the coop is that the large volume related to a significant savings on the cost of parts.  If you limit the size of the coops down to low then those cost savings disappear and it just becomes a lot of work for the coop manager for nothing.

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