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IRS to Track Online Sellers' Payment Transactions Beginning Next Year
By Barbara Weltman
AuctionBytes.com
March 07, 2010
Reading AuctionBytes: IRS to Track Online Sellers' Payment Transactions Beginning Next Year
Internet sellers who don't report their sales will no longer be under the radar. Starting next year, 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 merchants receive. The new returns are Form 1099-K, Merchant Card and Third-Party Payments.
Purpose of Reporting
The IRS believes that many online sellers fail to report their transactions. Some don't report because they mistakenly believe that Internet sales are invisible. Others do so because they are trying to evade taxes.
The IRS has found that using information returns, such as W-2 forms for employees, Form 1099-MISC for independent contractors, and Form 1099-INT for b
NEWSFLASH: THE IRS is NOT a branch of the government. It IS a private institution with very un-American interests. Notify everyone and their brother to support Ron Paul.
http://www.ronpaul.com/on-the-issues/taxes/
Comment by Curtis Scott
Entered on:
According to the TAX CODE, -filing a 1099 on a US Citizen is generally a MISUSE of the form. The form 1099 -as defined by the code is to be filed on foreigners with US Source income. IF auction centers like e-bay begin to file 1099's inmasse against US Citizens, -that FALSE TESTIMONY will create a DAMAGED CLASS. Doing it through the mail may quite possibly violate RICO laws. Is this the stupidity that ends eBay in a gigantic class-action lawsuit? We'll find out.
Comment by Get Real
Entered on:
Around a year or so ago, ebay stopped allowing direct payment via money order, cash, cashier's check, personal check, or any other payment via snail mail. Ebay requires all payments to go through PayPal so that payments can be tracked.
A significant number of Americans who have become unemployed are keeping the lights on via ebay. It's good to see the government trying to squeeze every last drop of blood out of the public.
Ebay sellers will need to keep track of what they paid for the items they sell in order to calculate profits. How many garage sale sellers have original receipts?
Comment by Found Zero
Entered on:
IRS: Coming soon to a garage sale near you!
Comment by G Cone
Entered on:
goodbye ebay, hello craigslist! Actually, I've never sold anything on either, but youknowumsayin'
5 Comments in Response to IRS to Track Online Sellers' Payment Transactions Beginning Next Year
NEWSFLASH: THE IRS is NOT a branch of the government. It IS a private institution with very un-American interests. Notify everyone and their brother to support Ron Paul.
http://www.ronpaul.com/on-the-issues/taxes/
According to the TAX CODE, -filing a 1099 on a US Citizen is generally a MISUSE of the form. The form 1099 -as defined by the code is to be filed on foreigners with US Source income. IF auction centers like e-bay begin to file 1099's inmasse against US Citizens, -that FALSE TESTIMONY will create a DAMAGED CLASS. Doing it through the mail may quite possibly violate RICO laws. Is this the stupidity that ends eBay in a gigantic class-action lawsuit? We'll find out.
Around a year or so ago, ebay stopped allowing direct payment via money order, cash, cashier's check, personal check, or any other payment via snail mail. Ebay requires all payments to go through PayPal so that payments can be tracked.
A significant number of Americans who have become unemployed are keeping the lights on via ebay. It's good to see the government trying to squeeze every last drop of blood out of the public.
Ebay sellers will need to keep track of what they paid for the items they sell in order to calculate profits. How many garage sale sellers have original receipts?
IRS: Coming soon to a garage sale near you!
goodbye ebay, hello craigslist! Actually, I've never sold anything on either, but youknowumsayin'