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
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
Congress has 43 days to act to protect casual online sellers and microbusinesses from “unfair tax and privacy burdens,” according to a coalition of online marketplaces. The countdown clock appears on 1099kfairness.org, the website of lobbying group Coalition for 1099-K Read more
What do you do if you fear IRS scrutiny for selling items you inherited? Tax guru and small-business expert Barbara Weltman, founder of Big Ideas for Small Business, Inc., delved into this issue for those worried about how changes to Read more
eBay launched a new “Tax Information Center for eBay Sellers” as new tax rules that impact sellers’ 2022 revenue are in place. eBay said it partnered with TaxAct, a do-it-yourself tax-preparation service, “to help untangle the impact of the new Read more
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
Online shoppers in Colorado will pay a new fee for their purchases beginning July 1, 2022. But similar to state sales-tax laws, the Colorado Retail Delivery fee will require retailers and marketplaces to collect it, even those located out of Read more
eBay announced today it had joined the Coalition for 1099-K Fairness – though a visit to the website reveals eBay cofounded the group along with Etsy, Mercari, OfferUp, Poshmark, Reverb (owned by Etsy), and Tradesy (owned by Vestiaire Collective). Noticeably Read more
Sellers have a lot on their plates already, so the IRS Form 1099-K is one more tax-related headache with which they must deal. In addition to the Federal requirement, some states have initiated their own rules for payment processors about Read more
In 1789 Ben Franklin penned that, “in this world nothing can be said to be certain, except death and taxes,” which still rings true to this day. Some people may think that it is odd to compare death to taxes, Read more
