New Tax Rules Lead eBay to Add TaxAct Guidance for Sellers - EcommerceBytes

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eBay said it partnered with TaxAct, a do-it-yourself tax-preparation service, “to help untangle the impact of the new threshold for Form 1099-K and provide information and support you may need to prepare your tax filing.
) eBay explained in Thursday’s announcement: “Prior to 2022, eBay and other online marketplaces were not required to issue Form 1099-K until sellers reached an annual threshold of 200 transactions and $20,000 in gross payments.
” eBay has tried to change the rules around Form 1099-K so they affect fewer sellers and has enlisted sellers to help it try to change the rules.
” But it added the following disclaimer: “eBay and its affiliates do not provide legal, tax, or accounting advice.
This material is being provided for informational purposes only and is not intended as, and should not be relied upon for, legal, tax, accounting, or other professional advice.

New Tax Rules Lead eBay to Add TaxAct Guidance for Sellers - EcommerceBytes

eBay launched a new “Tax Information Center for eBay Sellers” as new tax rules that impact sellers’ 2022 revenue are in place. eBay said it partnered with TaxAct, a do-it-yourself tax-preparation service, “to help untangle the impact of the new threshold for Form 1099-K and provide information and support you may need to prepare your tax filing.” The Tax Information Center for eBay Sellers contains articles, blogs, tips, and insights as well as a 5-point tax preparation checklist “that will help ensure that you’re compliant when you file your taxes.” For example, “eBay Seller FAQs and Unique Scenarios Explained” contains information such as, “How do I determine my cost basis without a receipt?” Readers should know that the link in eBay’s announcement goes to a landing page on TaxAct.com – the resource is not hosted on eBay.com. (eBay did not disclose whether it had entered into any financial arrangement with TaxAct to promote its service to sellers.) eBay explained in Thursday’s announcement: “Prior to 2022, eBay and other online marketplaces were not required to issue Form 1099-K until sellers reached an annual threshold of 200 transactions and $20,000 in gross payments. As of January 1, 2022, the threshold was lowered to $600 and marketplaces like eBay are now required to report gross payments totaling $600 or more in a calendar year, with no transaction minimum.” But it added the following disclaimer: “eBay and its affiliates do not provide legal, tax, or accounting advice. This material is being provided for informational purposes only and is not intended as, and should not be relied upon for, legal, tax, accounting, or other professional advice. Please consult your own legal, tax, and accounting advisors for advice specific to your situation.” eBay has tried to change the rules around Form 1099-K so they affect fewer sellers and has enlisted sellers to help it try to change the rules. In May, eBay highlighted how the rules could complicate taxes for its customers: “Imagine selling an old bike for $800 that cost you $1,500 a few years ago. Since you didn’t make a profit, the IRS doesn’t consider that taxable income. But under this new law, you’re still going to get a 1099-K. And now you’ll have to prove to the IRS that you don’t actually owe any taxes on that sale, which makes for complicated accounting work.” When the topic comes up on eBay discussion boards, the reaction is generally mixed, with some expressing concern about having to pay taxes on the sale of used household items and those expressing satisfaction that colleagues who had not been reporting their sales will soon have to meet their tax obligation.
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