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Tag: Taxes

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

Congress Has 43 Days and Counting to Protect Sellers from ‘Tax Burden’

November 18, 2022November 18, 2022 Ina Steiner
Tax

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 […]

6 CommentsNews, Tax and Legal Issues1099-K thresholds, Coalition for 1099-K Fairness, eBay, Etsy, Taxes

How Do You Report Sales of Inherited Stuff Sold Online?

September 13, 2022 Barbara Weltman
Tax

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 […]

4 CommentsNews, Tax and Legal IssuesBarbara Weltman, Form 1099-K, Taxes

New Tax Rules Lead eBay to Add TaxAct Guidance for Sellers

August 12, 2022August 12, 2022 Ina Steiner
eBay

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 […]

2 CommentsNews, Tax and Legal IssueseBay, Form 1099-K, TaxAct, Taxes

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

Even Marketplace Sellers Will Pay a Price for New Colorado Fee

June 30, 2022June 30, 2022 Ina Steiner
Regulations

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, […]

11 CommentsNews, Tax and Legal IssuesAvalara, Colorado Retail Delivery fee, Marketplace Facilitator, South Dakota v Wayfair, Taxes

eBay, Etsy, Mercari, Poshmark Found Coalition for 1099-K Fairness

April 27, 2022April 27, 2022 Ina Steiner
Tax

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 […]

8 CommentsMarketplaces, News, Tax and Legal Issues1099-K thresholds, eBay, Etsy, Form 1099-K, Mercari, Poshmark, Taxes

Walmart Shares Details on 1099-K Thresholds by State

February 3, 2022February 3, 2022 Ina Steiner
Tax

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 […]

1 CommentNews, Tax and Legal Issues1099-K thresholds, Form 1099-K, Taxes, Walmart

How to Get 2021 eBay Sales Data to File Your Income Tax

January 29, 2022 Don Heiden
eBay

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 […]

8 CommentsMarketplaces, News, Tax and Legal IssueseBay, eBay sales data, eBay Seller Hub, Taxes

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