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Ina Steiner is co-founder and Editor of EcommerceBytes and has been reporting on ecommerce since 1999. She's a widely cited authority on marketplace selling and is author of "Turn eBay Data Into Dollars" (McGraw-Hill 2006). Her blog was featured in the book, "Blogging Heroes" (Wiley 2008). She is a member of the Online News Association (Sep 2005 - present) and Investigative Reporters and Editors (Mar 2006 - present). Follow her on Twitter at @ecommercebytes and send news tips to ina@ecommercebytes.com. See disclosure at EcommerceBytes.com/disclosure/.
The government may very well loose tax revenue by having these 1099k. Most people never took a home office expense or a vehicle expense milage expenses etc. But when you show up to the accountant with an 800.00 1099k the accountant and client will brainstorm for expenses and it won’t be too hard to come up with 800.00 in expenses! For starters if you sold a couch for 800 but it costed you 600.00 you are down to 200.00 take a home office expense and before you know it you will be owed a refund for the loss! There is a reason why the threshold was at 20,000 – anything less is fairly easy to cancel out with expenses between cost of goods, shipping, office etc. It’s a silly money grab that is only going to be one from the poor who have no accountant to guide them. What’s funny is someone that had an income under 20k is probably not too rich aren’t those the people we are always trying to help with tax cuts? The only people gaining from this legislation are accountants who will now charge a slew of fees to their clients for filing a business schedule c!