On 3/10/2010 7:56 AM, [email protected] wrote:
IRS to Track Online Sellers' Payment Transactions Beginning Next
Year http://www.auctionbytes.com/cab/abu/y210/m03/abu0258/s03
By Barbara Weltman www.AuctionBytes.com
March 07, 2010
Internet sellers who don't report their sales will no longer be under
the radar. Starting next year, any bank or other payment settlement
company that processes credit cards, debit cards, and electronic
payments such as PayPal will have to issue information returns
telling the IRS what merchants receive. The new returns are Form
1099-K, Merchant Card and Third-Party Payments.
Hmmm... I am not American and never have been... So I reckon, they will
have to report my activity to Mas Hachnasa... That's fine, but do they
speak Hebrew, those who are supposed to report?
Half kidding here..
Boris
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