Starting in 2011, all US payment providers including PayPal will be required by the Internal Revenue Service (IRS) to report sales information to the IRS about certain customers who receive payments for the sale of goods or services through PayPal. We want to help you understand these changes.

•   Applies to sellers receiving over $20,000 in gross payment volume AND over 200 payments
•   Applies only for sales on or after January 1, 2011

I just finished the second busiest tax season of the year.  It surprises me that tax filers think that by filing an extension, they will not incur late fines and penalties.  REMEMBER, an extension is a promise to file later, but does not give you a free pass on paying your taxes in the year they were incurred.