Submission + - The IRS May Ask eBay To Report Seller Activity
Makarand writes: 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 the 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 becuase it
could drastically reduce the profits a seller will
eventually make on these sites after paying the Tax Man.
The IRS thinks it can collect an
extra $2 billion in taxes
from this requirement.
