Quote:
Originally Posted by megalimey
|
This has been known since this past Spring, and I'd mentioned it in posts at least a couple times over on the main board already. Oddly, it didn't seem to cause much conversation or comment when I did. And I don't believe this is just relevant to Ebay sales alone either. It is changing the current threshhold for third party reporting of online and related types of sales from having a minimum of at least $20,000 in sales AND at least 200 total sales before reporting was required via form 1099-K. Going forward the only threshhold will be that total annual sales reach at least $600, regardless of how many sales transactions one actually has.
And why do you say this is pushing and going after the little guy, and making it sound like something unfair is being done? There never was any de minimis sales amount which people operating and selling as a business could stay below and not still be required to report on their taxes. Most people just never reported it because they knew the IRS didn't know about their sales and business otherwise. It is like all the people who bitch and moan about how Ebay and more AHs now collect sales tax on purchases that in prior years wasn't being charged and collected from them. Truth is, pretty much every state with a sales tax also has what is known as a use tax. The use tax is the amount a buyer who didn't get charged sales tax is supposed to voluntarily pay to their state anyway. Thing is, pretty much no one was doing it and therefore cheating their states out of the sales tax due them.
No one is really getting pushed around, and the biggest and loudest complainers are typically those that want to cheat and not pay their taxes that are due, sales, income or otherwise.