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reoptring paypal payements

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dssguy99
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reoptring paypal payements  Reply with quote  

I have a small business (corporation). Recently some clients want to pay by paypal. I realize that if they pay me this way, I can easily transfer the money to my personal account and not pay taxes on it. My question is, how much can I transfer into my personal account without worrying that the IRS will find out?
Post Tue Dec 18, 2007 5:12 pm
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coaster
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Maybe you should ask PayPal if they have to report anything to the IRS.

How much? I guess as big of a lie as your conscience (or lack thereof) allows you to get away with. Banks are required to report transactions in excess of $10,000, but that doesn't go to the IRS, that goes to Treasury, I think.

~Tim~
Post Tue Dec 18, 2007 9:17 pm
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Apollo
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I would not recommend that you attempt to cheat the IRS.

Play by the rules, report what you have report. There are legal ways to minimze your taxable income. Talk to your accountant about that.

It is not smart to play it safe but it is safe to play it smart.
Post Tue Dec 18, 2007 10:06 pm
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efflandt
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Do a web search for "suspicious activity report" (SAR). Financial institutions may report transactions smaller than $10,000 (especially if frequent) if they suspect anything illegal, money laundering, etc.
Post Wed Dec 19, 2007 12:35 am
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