Earlier this year, the eBay Government Relations Team launched the “Main Street Minute” video series to provide a new way for us to keep you informed of the decisions being made by governments around the world that impact small ecommerce businesses. As 2021 comes to a close, we wanted to thank you for taking the time to watch our 11 episodes and look forward to bringing you more informative content in the new year!
This new episode highlights a recent Congressional letter to House leadership supporting an increase in the 1099-K federal income tax reporting threshold for virtually all good sold online. The new threshold of $600 and a single transaction was instituted as part of the American Rescue Plan Act earlier this year.
The impact of this change will be that even the most casual sellers cleaning out their garage or selling a few used items to make extra money will now receive a 1099-K tax form. eBay feels strongly that we need a threshold for consumer sales of goods that makes sense and protects millions of Americans from over taxation. For more information and to get involved in this issue, go to ebaymainstreet.com.