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Tag: IRS

Sellers: Be Ready for New IRS Tax Question on Virtual Payments

January 29, 2023January 30, 2023 Ina Steiner
Tax

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 […]

4 CommentsNews, Tax and Legal IssuesCryptocurrency, IRS, NFTs, Taxes, Virtual currency for payments

IRS Delays Implementing $600 Threshold for 1099-Ks, but What Will Payment Processors Do?

December 23, 2022December 23, 2022 Ina Steiner
Tax

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 […]

1 CommentNews, Tax and Legal IssuesForm 1099-K, IRS, Taxes

A 1099-K Notification from PayPal Alerts Seller to Unanticipated Problem

September 21, 2022 Ina Steiner
PayPal

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 […]

4 CommentsNews, Payments, Tax and Legal Issues1099-K thresholds, 1099K, Form 1099-K, IRS, PayPal

IRS Asks: Is Your Pastime a Hobby or a Business?

July 25, 2022July 25, 2022 Ina Steiner
Tax

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 […]

6 CommentsNews, Tax and Legal Issuesincome tax, IRS, Taxes

Accept Virtual Currency for Payments? The IRS Wants to Know

March 29, 2022 Ina Steiner
Tax

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 […]

News, Tax and Legal IssuesCryptocurrency, IRS, Virtual currency for payments

eBay Must Collect Social Security Numbers from Sellers

December 20, 2021 Ina Steiner
eBay

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 […]

3 CommentsMarketplaces, NewseBay, Form 1099-K, IRS, Tax reporting

What You Need to Know About 1099-K

February 8, 2021February 8, 2021 Barbara Weltman
Tax

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 […]

3 CommentsNews, Tax and Legal IssuesForm 1099-K, IRS, Taxes

Online Selling Fraud with a Side of Tax Evasion

July 24, 2020July 24, 2020 Ina Steiner

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 […]

4 CommentsNews, Tax and Legal IssuesDOJ, eBay, Fraud, IRS, Taxes

When IRS Form 1099Ks Don’t Match Online Sellers’ Records

February 4, 2014September 23, 2017 Ina Steiner

If you’re like most U.S. sellers doing a significant volume of sales, you’ve begun receiving Form 1099-K from payment processors. But should you be concerned if the amounts being reported to the IRS on Form […]

News, Tax and Legal Issues1099K, IRS


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