• Internet disconnection without a judge or court examination
• Personal border searches
• The potential of increased border inspection and seizure to be used against legitimate products
• Three strikes policy
• Failure to include developing nations in negotiations

It is a pleasant surprise to see the EU taking a swipe at this secretive, closed-doors discussion about the future of our civil liberties. The potential for abuse in such a far-reaching piece of international legislation is tremendous, and it is an atrocity that the details of this legislation are being kept from public scrutiny. The last thing this struggling economy needs is more obstacles and greater intrusion. Perhaps before our good officials start intruding into each and every one of OUR lives, we should be permitted to have a little access to what these Upper Rats are doing. Seems like the spotlight is being pointed in the wrong direction.

Sadly, considering the incredible intrusion of civil liberties proposed, Canadian officials have merely shown concern over definitions and semantics. Barack Obama is looking forward to moving ahead with the legislation and has yet to show concern.

It is all too clear that our North American politicians have lost all touch with the realities of their people. Big business first, liberty second – a sad state of affairs.

Internet sellers will be under the IRS microscope starting in 2011. Any bank or other payment settlement company that processes credit cards, debit cards, and electronic payments such as PayPal will have to issue information returns telling the IRS what it’s merchants receive.

Who’s Affected
All merchants who accept payments through credit cards, debit cards, gift cards and PayPal will receive information returns telling them – and the IRS – the gross amount of the merchant card transactions. While the form uses the word “card,” the IRS has made it clear that this is interpreted broadly to include third-party network transactions (i.e., PayPal). An exception is made for merchants with revenue under $20,000 or less than 200 transactions.

Mechanics
As it now stands (not yet finalized), gross amounts reported for merchant transactions do not take into account any adjustments for credits, cash equivalents, discount amounts, fees, chargebacks, refunded amounts, or any other amounts. It will be up to sellers to report on their returns the full amounts reported to them and then make adjustments or explanations to account for differences in what is ultimately taxable to them.

So even though a seller who is paid $1,000 for a transaction does not necessarily have $1,000 profit, they will need to include $1,000 on Form 1099-K. The $1,000 must then be reported so the return will match what’s in the IRS computers. It is then up to merchants to report the cost of goods, transaction fees, or any other costs.

Source: Barbara Weltman – AuctionBytes.com