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Online Sellers Face New IRS Rules
Nascar360
Posts: 1,851 ✭✭✭
I am not sure everyone knows about this but the Housing law that the House, Senate and Bush signed has a few other laws in it as well, like the IRS tracking credit card payments.
Congressional tax estimators predict the reporting change will help the IRS collect an additional $9.5 billion in taxes owed by online and traditional businesses over the next 10 years.
Some of the details so far are that they (Web Sites) won't start reporting until 2011 and they will be required to file a 1099 form for each merchant to the IRS and to the merchant. They won't have to file for merchants with less than $10,000 in gross sales and less than 200 transactions in a given year.
I would think that those numbers will come done in the years to come.
Congressional tax estimators predict the reporting change will help the IRS collect an additional $9.5 billion in taxes owed by online and traditional businesses over the next 10 years.
Some of the details so far are that they (Web Sites) won't start reporting until 2011 and they will be required to file a 1099 form for each merchant to the IRS and to the merchant. They won't have to file for merchants with less than $10,000 in gross sales and less than 200 transactions in a given year.
I would think that those numbers will come done in the years to come.
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