
New Tax Reporting for Online Sales – 1099-K
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 …