3 ms·
The reporting threshold went from $20k last year to $600 this year so pretty much every selling platform is dealing with this change. But I think more context
by RyanShook 4y ago
The reporting threshold went from $20k last year to $600 this year so pretty much every selling platform is dealing with this change.
But I think more context is needed. Sales tax rules vary so widely depending on the location and item being sold. I assume as a platform you legally have to report 1099-K? Here’s how eBay explains their 1099 to sellers: https://www.ebay.com/help/selling/fees-credits-invoices/ebay-form-1099k?id=4794 https://www.ebay.com/help/selling/fees-credits-invoices/ebay...
- throwaway5678i 4y agoYup, and these merchants are keenly aware of that unfortunately. When the news broke of the change, suddenly they all became very concerned about taxes and reporting. We've actually done a good bit of work on our end to clear up what 1099-K's are and what taxes actually mean for their businesses, so the material is clear and accessible to all of them. The problem is that doesn't overcome the fear they have for the IRS, unfortunately.