Starting in 2011, the IRS will require the report of PayPal and merchant account sales (over 200 transactions and over $20,000 revenue) through form 1099-K (draft). While this was reported back in March 2010, it was recently noted by Auction Bytes that PayPal is changing their user agreement accordingly. This will affect E-bay and Amazon sellers and other small Web merchants who might not have bothered reporting sales in prior years. This new reporting requirement was buried in the Housing Assistance Tax Act of 2008.
Leave a Reply
You must be logged in to post a comment.
About Dana Hutchins
Dana is founder of Inforest Communications and has over fifteen years of Web design and development experience. Dana is involved in all aspects of business development and marketing of the firm, including serving as primary consultant on Internet and Web strategy to Inforest clients. His Web development responsibilities are primarily focused on writing custom modules,themes and plugins to make Drupal and WordPress sites run and look better. He also writes custom Web applications that have been used in online calendaring, e-commerce and surveys.
Dana’s favorite programming acronyms are PHP, MySQL, CSS3, HTML5 and jQuery. However, what really gets him excited is the opportunity to use these tools to build Web sites that solve business needs and create new opportunities for his clients.