Ecommerce Industry News
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]