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IRS May Ask eBay To Snitch On Sellers
The IRS thinks that many sellers on online auction sites are unaware of their obligation to declare their profits and pay their taxes to the IRS. Tax experts are now asking the IRS to require online auction sites like eBay, Yahoo, and Ubid to report the gross sales numbers for their sellers. Such a requirement will surely send a shock wave across the online trading world because it could drastically reduce the profits a seller would make on these sites.
This will hurt sellers in a huge way. eBay and PayPal already charge out the ass (I’ve sold a few things before, so I know); Any additional charge would really be the cherry on the top of a putrid cake.
Source: Slashdot
Rob Williams
Rob founded Techgage in 2005 to be an 'Advocate of the consumer', focusing on fair reviews and keeping people apprised of news in the tech world. Catering to both enthusiasts and businesses alike; from desktop gaming to professional workstations, and all the supporting software.
