eBay has been trying to change the rules around IRS Form 1099-K, which changed for tax-year 2022. This week it turned to YouTube to explain the issue through the account belonging to eBay Main Street, an initiative to keep eBay customers informed of public policy issues that affect ecommerce.
On Tuesday, it uploaded a video titled, “Issues in Focus: 1099-K Tax Reporting Requirements.” In it, eBay’s Jeff Michaud (Director of Digital Advocacy & Policy Programs for eBay Government Relations), said eBay is required to issue the form to sellers who receive $600 or more in gross payouts – a change from previous years.
That includes the “gross amount of all reportable payment transactions, but does not include any adjustments such as credits, discounts, fees, refunds, or any other adjustable amounts.
“This means that the gross amount reported on your 1099-K form may not be the final reportable amount on your tax return.”
He said the eBay Government Relations team has been working hard advocating for an increase to the threshold. Michaud encouraged viewers to visit the eBay Main Street website to share their stories about the importance of online selling “or send a letter to your members of Congress.”
You can watch Michaud’s presentation through the following YouTube video:
eBay Main Street recently revealed it had successfully encouraged 25,000 members to lobby against the Shop Safe Act.