Many sellers on eBay likely report their gains for tax purposes as they are required to do. Some people may not know they are supposed to do this, or actively choose not to pay. The Internal Revenue Service wants to make eBay and other auction sites part of the process that reports that income. When it comes to the law, definitions can be changed to fit the times. The definition of the word "broker" as it pertains to the reporting of who earns what on an online marketplace like eBay doesn't include those sites today. In the future, that could change. The San Francisco Chronicle Formal discussions in Congress about the proposal and other tax issues should begin in a few short weeks. EBay sellers should keep an eye on this. If the definition of "broker" receives a little editing, they need to make sure their tax situations are in order. If they don't, the IRS will. They define that process as an "audit." And federal auditors are not nearly as cuddly as the Beanie Babies many people sold on eBay, either. Add to Del.icio.us | Digg | Reddit | Furl Bookmark Murdok:
IRS Sniffing For eBay Cash
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