IRS to Track Online Sellers Payment Transactions Beginning Next Year

[jeff of pa]

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.

http://www.auctionbytes.com/cab/abu/y210/m03/abu0258/s03

 

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[ivan salis]

Re: IRS to Track Online Sellers' Payment Transactions Beginning Next Year

find all sources of income and tax it .

 

[mts]

Re: IRS to Track Online Sellers' Payment Transactions Beginning Next Year

To be fair, these people are currently breaking the law. So this is not NEW taxation. Just the IRS going after people who were not paying like they should be. To be clear, I'm not happy about it though.

 

[Saturna]

Re: IRS to Track Online Sellers' Payment Transactions Beginning Next Year

Oh well, at least it's good to know that the owners and upper management of Ebay also pay their fair share of taxes.

 

[Glenns5900]

Re: IRS to Track Online Sellers' Payment Transactions Beginning Next Year

2009 Tax Form 1040

1. How much money did you earn in 2009?

2. Send it.