https://www.ecommercebytes.com/tag/irs/ Ecommerce Industry News Tue, 21 Nov 2023 21:04:18 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.3 https://www.ecommercebytes.com/wp-content/uploads/2017/06/EB_site_icon-150x150.gif https://www.ecommercebytes.com/tag/irs/ 32 32 https://www.ecommercebytes.com/2023/11/21/irs-gives-relief-to-casual-sellers-by-delaying-new-form-1099k-threshold-for-2nd-year/ Tue, 21 Nov 2023 21:04:17 +0000 https://www.ecommercebytes.com/?p=230103 The IRS announced today another reprieve for taxpayers, delaying implementation of a new reporting threshold for third-party platform payments in 2023. The IRS also said it would phase in the new 1099-K threshold amount for tax year 2024. That means Read more]]> https://www.ecommercebytes.com/2023/07/07/irs-says-tax-refund-scams-are-being-delivered-to-homes/ Sat, 08 Jul 2023 02:33:22 +0000 https://www.ecommercebytes.com/?p=229536 Beware Snail Mail Purporting to Be from the IRS. It’s common to be targeted by scammers via email, phone, and texts, but the IRS warned of a new tax scam that’s sent right to your front door. Scammers are enticing Read more]]> https://www.ecommercebytes.com/2023/01/29/sellers-be-ready-for-new-irs-tax-question-on-virtual-payments/ https://www.ecommercebytes.com/2023/01/29/sellers-be-ready-for-new-irs-tax-question-on-virtual-payments/#comments Sun, 29 Jan 2023 18:54:35 +0000 https://www.ecommercebytes.com/?p=228798 The IRS has tweaked a question that all taxpayers must answer on their tax return in April for tax year 2022, and it’s especially important for online sellers (and collectors) to be prepared so they don’t get into trouble down Read more]]> https://www.ecommercebytes.com/2023/01/29/sellers-be-ready-for-new-irs-tax-question-on-virtual-payments/feed/ 4 https://www.ecommercebytes.com/2022/12/23/irs-delays-implementing-600-threshold-for-1099-ks-but-what-will-payment-processors-do/ https://www.ecommercebytes.com/2022/12/23/irs-delays-implementing-600-threshold-for-1099-ks-but-what-will-payment-processors-do/#comments Fri, 23 Dec 2022 21:13:49 +0000 https://www.ecommercebytes.com/?p=228612 The IRS gave payment processors a reprieve, announcing on Friday: “third-party settlement organizations will not be required to report tax year 2022 transactions on a Form 1099-K to the IRS or the payee for the lower, $600 threshold amount enacted Read more]]> https://www.ecommercebytes.com/2022/12/23/irs-delays-implementing-600-threshold-for-1099-ks-but-what-will-payment-processors-do/feed/ 1 https://www.ecommercebytes.com/2022/09/21/a-1099-k-notification-from-paypal-alerts-seller-to-unanticipated-problem/ https://www.ecommercebytes.com/2022/09/21/a-1099-k-notification-from-paypal-alerts-seller-to-unanticipated-problem/#comments Wed, 21 Sep 2022 19:45:00 +0000 https://www.ecommercebytes.com/?p=228137 In what seemed like a routine email titled, “View updates to your PayPal account,” PayPal informed an online seller he had passed the threshold for reporting payments to the IRS, notifying him that according to its records, he had received Read more]]> https://www.ecommercebytes.com/2022/09/21/a-1099-k-notification-from-paypal-alerts-seller-to-unanticipated-problem/feed/ 4 https://www.ecommercebytes.com/2022/07/25/irs-asks-is-your-pastime-a-hobby-or-a-business/ https://www.ecommercebytes.com/2022/07/25/irs-asks-is-your-pastime-a-hobby-or-a-business/#comments Mon, 25 Jul 2022 12:52:09 +0000 https://www.ecommercebytes.com/?p=227886 The IRS published a new tax tip in its email newsletter it sent to small businesses on July 22, 2022. The crux of the tip: if your hobby earns income, you must report it on your tax return. The newsletter Read more]]> https://www.ecommercebytes.com/2022/07/25/irs-asks-is-your-pastime-a-hobby-or-a-business/feed/ 6 https://www.ecommercebytes.com/2022/03/29/accept-virtual-currency-for-payments-the-irs-wants-to-know/ Wed, 30 Mar 2022 01:29:40 +0000 https://www.ecommercebytes.com/?p=227345 Did you know that taxpayers who accepted virtual currency for payments in 2021 for goods or services must answer yes to a question at the top of IRS Form 1040 that reads: “At any time during 2021, did you receive, Read more]]> https://www.ecommercebytes.com/2021/12/20/ebay-must-collect-social-security-numbers-from-sellers/ https://www.ecommercebytes.com/2021/12/20/ebay-must-collect-social-security-numbers-from-sellers/#comments Mon, 20 Dec 2021 21:37:51 +0000 https://www.ecommercebytes.com/?p=226820 eBay must collect social security or ITIN numbers from sellers who sell over a certain threshold, it warned on Monday. The post on the eBay Seller Announcement board cited new IRS tax reporting laws. eBay stated: “Starting on January 1, Read more]]> https://www.ecommercebytes.com/2021/12/20/ebay-must-collect-social-security-numbers-from-sellers/feed/ 3 https://www.ecommercebytes.com/2021/02/08/what-you-need-to-know-about-1099-k/ https://www.ecommercebytes.com/2021/02/08/what-you-need-to-know-about-1099-k/#comments Mon, 08 Feb 2021 21:01:47 +0000 https://www.ecommercebytes.com/?p=17577 Merchants who sell products online and/or in bricks-and-mortar stores may receive a statement from their payment processor called Form 1099-K, Payment Card and Third Party Network Transactions. There is much confusion about the form and what it means to your Read more]]> https://www.ecommercebytes.com/2021/02/08/what-you-need-to-know-about-1099-k/feed/ 3 https://www.ecommercebytes.com/2020/07/24/online-selling-fraud-with-a-side-of-tax-evasion/ https://www.ecommercebytes.com/2020/07/24/online-selling-fraud-with-a-side-of-tax-evasion/#comments Fri, 24 Jul 2020 19:02:53 +0000 https://www.ecommercebytes.com/?p=16386 Selling ill-gotten goods online is never a wise decision, and attempting to hide the proceeds from the IRS only compounds matters. The government says a company executive assistant bought unauthorized supplies from Staples and charged it to her employer, “intentionally Read more]]> https://www.ecommercebytes.com/2020/07/24/online-selling-fraud-with-a-side-of-tax-evasion/feed/ 4