Yes, I am aware of that. Here is something I just discovered on-line and will pass it along for anyone else who may be interested:
PayPal will track the payment volume of your account to check whether your payment volume exceeds both of these levels in a calendar year:
$20,000 USD in gross payment volume from sales of goods or services in a single calendar year
200 payments for goods or services in the same year
Some US States require merchant reporting at a lower threshold:
Vermont, Massachusetts, Virginia, Maryland: $ 600 USD in gross payment volume from sales of goods or services in a single calendar year regardless of the number of transactions;
Illinois: $1,000 USD in gross payment volume of goods or services in a single calendar year with at least 4 payment transactions processed.
Note: If you are a ham living in Virginia, as I am, and you sell some ham gear and collect the payment via PayPal you will get an IRS-1099-K reporting the total amount of your transactions for the year if the total exceeds $600.00. You will have to report that to the IRS on your Schedule C when you file your tax return for the year.