LittleMe Jewell Posted August 21, 2019 Share Posted August 21, 2019 1 hour ago, Chic Aeon said: Again, we were TOLD THIS many times in July, but there have been reports here about people being required to submit "personal info" in order to change "their next conversion from lindens to USD balance" JUST so that they could pay there tier ---- no processing credit out to Paypal at all. [Editing to be more clear for folks that didn't read that post --- the person was allowed to process Lindens to USD the first time but was told that they would have to fill out the personal info form before processing lindens to USD balance in the future. This DOES make some sense as we were also told that having a USD balance of any kind would make it so that we would have to agree to the Tilia TOS and US Privacy statement - for US folks). It really can't be BOTH WAYS. ] So perhaps @Grumpity Linden or @Brent Linden could explain what may be going on. And to some comments made further down on this thread about taxable income ---- I would advise people still processing out dollars to do their own research. Many of us claimed our SL income on our taxes for years BEFORE the new Tilia rules came into the picture. I can at least confirm that you must agree to the Tilia TOS before you can 'Sell L$'. I just went to the Sell screen and saw this: LL may have even clarified that in one of those gazillion Tilia threads and I simply missed it. I don't HAVE to sell my L$ since over time I will use them inworld for purchases anyway, so I may just forget about this and let LL pull from my payment method when tier is next due. Link to comment Share on other sites More sharing options...
LittleMe Jewell Posted August 21, 2019 Share Posted August 21, 2019 1 hour ago, Luna Bliss said: I don't know about the 1099 requirements, but all earnings must be reported for tax purposes now -- even hobby income. Yeah, to be FULLY compliant with the IRS, you are now supposed to report ALL income, including hobby income - whether or not you actually get a 1099 for it. In reality, regardless of 'law' many people will likely only claim the hobby money if they get sent a 1099. However, if anyone makes very much from their hobby, they are definitely safer being honest and claiming it. Penalties from the IRS are horrid things. 1 Link to comment Share on other sites More sharing options...
Chic Aeon Posted August 21, 2019 Share Posted August 21, 2019 5 minutes ago, LittleMe Jewell said: I can at least confirm that you must agree to the Tilia TOS before you can 'Sell L$'. I just went to the Sell screen and saw this: LL may have even clarified that in one of those gazillion Tilia threads and I simply missed it. I don't HAVE to sell my L$ since over time I will use them inworld for purchases anyway, so I may just forget about this and let LL pull from my payment method when tier is next due. Thanks for that. That notewas apparently added AFTER the person posting about issues --- since they were able to sell "the first time" but would not be able to again without agreeing. Support was forwarding that info along to "web folks" to update the Tilia FAQs (so I suspect Jeremy). I guess LL missed the fact that both couldn't be true :D. It would be REALLY NICE if we ended up with the ability to pay for tier and memberships with linden dollars. This is a pretty big dividing line with a fair amount of folks that are "going back to basic" when their membership expires. Link to comment Share on other sites More sharing options...
Lindens Grumpity Linden Posted August 21, 2019 Lindens Share Posted August 21, 2019 3 hours ago, anthonytorino said: The tilia section is a different from just accesign your tilia account. Tilia is not linden labs and is separated. IANAL and also INACPA so no comment on the intricacies of taxable income. But Tilia Inc is a wholly owned subsidiary of Linden Lab, and Tilia employees are Lindens. 3 hours ago, Chic Aeon said: So perhaps @Grumpity Linden or @Brent Linden could explain what may be going on. Chic, the policy has not changed. I'm not sure which reports you are referring to, and even if I knew any details, I certainly wouldn't be able to comment on any individual account's circumstances. 3 Link to comment Share on other sites More sharing options...
LittleMe Jewell Posted August 22, 2019 Share Posted August 22, 2019 LL did clarify that part about selling L$ and the Tilia TOS - just not in that specific direct way. From the Tilia thread that was answering questions: The selling of L$ results in a USD balance which results in a Tilia USD wallet. I just didn't put 2 and 2 together before and was thinking that, like the submission of identifying info, the agreeing to the Tilia TOS would only apply to those cashing out (processing credit). So, yeah, if you have not yet had to agree to the Tilia TOS for any other reasons, trying to sell L$ will invoke the requirement. 1 Link to comment Share on other sites More sharing options...
Rhonda Huntress Posted August 22, 2019 Share Posted August 22, 2019 (edited) . Edited August 22, 2019 by Rhonda Huntress Link to comment Share on other sites More sharing options...
Pamela Galli Posted August 22, 2019 Share Posted August 22, 2019 18 hours ago, anthonytorino said: d if you remain under 20,000 USD processed you do not have to pay tax to the IRS. What I understand: You have to report ALL your earnings but PayPal only has to report above $20k OR 200 transactions. We don’t get a 20,000 exemption for our earnings. Would be nice. 2 Link to comment Share on other sites More sharing options...
Selene Gregoire Posted August 22, 2019 Share Posted August 22, 2019 (edited) Food for thought. Most companies will file a 1099 on anyone they pay out to regardless of the amount (unless it's an amount so low as to not be cost effective). They are covering their collective @$$es by doing so. Regardless of amounts reported, it is the legal responsibility of the individual taxpayer to accurately report any and all income to the IRS. If you fail to report any income, your butt is on the line for prison time and heavy fines. If the company fails to report the income, both of your butts could be doing time and heavily fined. Edited August 23, 2019 by Selene Gregoire 2 Link to comment Share on other sites More sharing options...
Pamela Galli Posted August 23, 2019 Share Posted August 23, 2019 21 hours ago, Selene Gregoire said: it is the legal responsibility of the individual taxpayer to accurately report any and all income to the IRS. Unless you are one of the very few privileged people who are above the law. Link to comment Share on other sites More sharing options...
Alyona Su Posted August 23, 2019 Share Posted August 23, 2019 1 hour ago, Pamela Galli said: 22 hours ago, Selene Gregoire said: it is the legal responsibility of the individual taxpayer to accurately report any and all income to the IRS. Unless you are one of the very few privileged people who are above the law. @Selene Gregoire's statement is actually accurate and true. So I'm not sure of the meaning of your reply to that. A scofflaw is still a scofflaw, they are not above the law, they are below it. Just saying. 2 Link to comment Share on other sites More sharing options...
Love Zhaoying Posted August 23, 2019 Share Posted August 23, 2019 1 minute ago, Alyona Su said: A scofflaw is still a scofflaw, they are not above the law, they are below it. What about Judge Dredd? He IS the law. 1 Link to comment Share on other sites More sharing options...
Alwin Alcott Posted August 23, 2019 Share Posted August 23, 2019 On 8/20/2019 at 11:07 PM, anthonytorino said: above USD$20,000. it's dangerous to mention numbers.. those aren't globally. As example, in the Netherlands you have report ALL income, including the 5 dollars from SL. And depending on your taxable income-scale you start paying 36.65 % from receiving 1 and up...till even a rate of 51.75%. Link to comment Share on other sites More sharing options...
Selene Gregoire Posted August 23, 2019 Share Posted August 23, 2019 (edited) 3 hours ago, Pamela Galli said: Unless you are one of the very few privileged people who are above the law. They aren't really above the law though. Bribing judges, intimidating jurors, officer kickbacks, all those things show just how truly weak and scared the "1%" is. They know the real power lies within the people. That is the real reason the "1%" are so desperate to continue the lie and keep the less fortunate believing they [the "1%"] are all powerful until someone finds the spine to take them down. Edited August 23, 2019 by Selene Gregoire 1 Link to comment Share on other sites More sharing options...
Selene Gregoire Posted August 23, 2019 Share Posted August 23, 2019 1 hour ago, Alwin Alcott said: it's dangerous to mention numbers.. those aren't globally. As example, in the Netherlands you have report ALL income, including the 5 dollars from SL. And depending on your taxable income-scale you start paying 36.65 % from receiving 1 and up...till even a rate of 51.75%. So the USD in front of the figure didn't clue you in? And were you not aware, as I stated in one of my posts, that ALL US income must be reported to the IRS by US federal law? LL has to abide by the laws of the country they are domiciled in. LL is in the US. LL must report all withdrawals (income) to the IRS, including those that fall below the threshold. That is how the IRS knows you owe taxes. If LL didn't report the 1099 incomes, LL could be held liable and we all stand to lose SL over it. Link to comment Share on other sites More sharing options...
Alwin Alcott Posted August 23, 2019 Share Posted August 23, 2019 27 minutes ago, Selene Gregoire said: So the USD in front of the figure didn't clue you in? And were you not aware, as I stated in one of my posts, ............ you'r lately really hardly able to response calm isn't it? .. take a break. Link to comment Share on other sites More sharing options...
Selene Gregoire Posted August 23, 2019 Share Posted August 23, 2019 17 minutes ago, Alwin Alcott said: you'r lately really hardly able to response calm isn't it? .. take a break. There is nothing agitated about my response. It was full of information that you apparently did not know. Since my normal profession is Accounting I have that knowledge and can pass it on. Makes no difference to me if you accept or reject my knowledge. That's on you, not me. I am given to being blunt and quite frank because I lost all patience with people who make erroneous assumptions about me and then try to perpetuate those erroneous assumptions. You can thank SLU for that. I'll take a break when I determine I need one, not when ordered to do so. Link to comment Share on other sites More sharing options...
Alyona Su Posted August 23, 2019 Share Posted August 23, 2019 (edited) 1 hour ago, Alwin Alcott said: you'r lately really hardly able to response calm isn't it? .. take a break. You are injecting emotion into text copy where there is none. Never take anything written in the forums personally and never inject emotion into written text. By doing so you do yourself a disservice. Edited August 23, 2019 by Alyona Su 1 Link to comment Share on other sites More sharing options...
Pamela Galli Posted August 23, 2019 Share Posted August 23, 2019 2 hours ago, Alyona Su said: @Selene Gregoire's statement is actually accurate and true. So I'm not sure of the meaning of your reply to that. A scofflaw is still a scofflaw, they are not above the law, they are below it. Just saying. I already stated what the law is. Not everyone obeys the law, and for at least one of those there are no consequences. Link to comment Share on other sites More sharing options...
Alyona Su Posted August 23, 2019 Share Posted August 23, 2019 (edited) 8 minutes ago, Pamela Galli said: I already stated what the law is. Not everyone obeys the law, and for at least one of those there are no consequences. Please cite your source. As for the law at the Federal level, it's not $20,000; it's $10,000. This is why you can make a single deposit of $9,999.99 into your bank with no worries. A penny more and your bank will report it to the IRS. Of course, we are speaking on U.S. Law, other countries may have different requirements. When coming into or going out of the United States, you must declare any money you are carrying above $9,999.99. And so on. Because IRS. Edited August 23, 2019 by Alyona Su Link to comment Share on other sites More sharing options...
Pamela Galli Posted August 23, 2019 Share Posted August 23, 2019 2 minutes ago, Alyona Su said: Please cite your source. As for the law at the Federal level, it's not $20,000; it's $10,000. This is why you can make a single deposit of $9,999.99 into your bank with no worries. A penny more and your bank will report it to the IRS. Of course, we are speaking on U.S. Law, other countries may have different requirements. If you mean the law about PayPal reporting has changed, i have not heard. Neither applies to me, I report my total income regardless.. 1 Link to comment Share on other sites More sharing options...
Selene Gregoire Posted August 23, 2019 Share Posted August 23, 2019 (edited) https://www.irs.gov/publications/p17 https://www.irs.gov/faqs/interest-dividends-other-types-of-income/1099-misc-independent-contractors-and-self-employed Edited August 23, 2019 by Selene Gregoire Link to comment Share on other sites More sharing options...
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