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eBay Maddness and a Warning
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<blockquote data-quote="bluzman" data-source="post: 777930" data-attributes="member: 47800"><p>From the IRS website: <a href="https://www.irs.gov/businesses/understanding-your-form-1099-k" target="_blank">https://www.irs.gov/businesses/understanding-your-form-1099-k</a></p><p></p><p><a href="https://www.irs.gov/forms-pubs/about-form-1099-k" target="_blank">Form 1099-K</a>, Payment Card and Third-Party Network Transactions, is an IRS information return used to report certain payment transactions to improve voluntary tax compliance. You should receive <a href="https://www.irs.gov/forms-pubs/about-form-1099-k" target="_blank">Form 1099-K</a> by January 31st if, in the prior calendar year, you received payments:</p><p></p><p> </p><ul> <li data-xf-list-type="ul">From payment card transactions (e.g., debit, credit, or stored-value cards), and/or</li> <li data-xf-list-type="ul">In settlement of third-party payment network transactions above the minimum reporting thresholds as follows:<ul> <li data-xf-list-type="ul">For returns for calendar years prior to 2022:<ul> <li data-xf-list-type="ul">Gross payments that exceed $20,000,<strong> AND</strong></li> <li data-xf-list-type="ul">More than 200 such transactions</li> </ul></li> <li data-xf-list-type="ul">For returns for calendar years after 2021:<ul> <li data-xf-list-type="ul">Gross payments that exceed $600,<strong> AND</strong></li> <li data-xf-list-type="ul">Any number of transactions</li> </ul></li> </ul></li> </ul><p></p><p>Some observations</p><p></p><p>1) The decrease in the thresholds from $20,000 to $600 and from "More than 200 such transactions" to "Any number of transactions" seems significant.</p><p></p><p>2) Not clear to me that the criteria below, per se, constitute a "business" that requires the reporting of taxable income.</p><p></p><p></p><ul> <li data-xf-list-type="ul">Gross payments that exceed $600,<strong> AND</strong></li> <li data-xf-list-type="ul">Any number of transactions</li> </ul><p></p><p>3) "voluntary tax compliance"...seriously?</p></blockquote><p></p>
[QUOTE="bluzman, post: 777930, member: 47800"] From the IRS website: [URL]https://www.irs.gov/businesses/understanding-your-form-1099-k[/URL] [URL="https://www.irs.gov/forms-pubs/about-form-1099-k"]Form 1099-K[/URL], Payment Card and Third-Party Network Transactions, is an IRS information return used to report certain payment transactions to improve voluntary tax compliance. You should receive [URL="https://www.irs.gov/forms-pubs/about-form-1099-k"]Form 1099-K[/URL] by January 31st if, in the prior calendar year, you received payments: [LIST] [*]From payment card transactions (e.g., debit, credit, or stored-value cards), and/or [*]In settlement of third-party payment network transactions above the minimum reporting thresholds as follows: [LIST] [*]For returns for calendar years prior to 2022: [LIST] [*]Gross payments that exceed $20,000,[B] AND[/B] [*]More than 200 such transactions [/LIST] [*]For returns for calendar years after 2021: [LIST] [*]Gross payments that exceed $600,[B] AND[/B] [*]Any number of transactions [/LIST] [/LIST] [/LIST] Some observations 1) The decrease in the thresholds from $20,000 to $600 and from "More than 200 such transactions" to "Any number of transactions" seems significant. 2) Not clear to me that the criteria below, per se, constitute a "business" that requires the reporting of taxable income. [LIST] [*]Gross payments that exceed $600,[B] AND[/B] [*]Any number of transactions [/LIST] 3) "voluntary tax compliance"...seriously? [/QUOTE]
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