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IRS May Ask eBay To Snitch On Sellers
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 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. The IRS thinks it can collect an extra $2 billion in taxes from this requirement that auctioneers report sellers who complete 100 or transactions a year worth at least $5,000."
...isn't just the IRS -- it is the CPAs and tax accountants and "experts" who have waged war on the common man. Taxes do NOT have to be as complicated as they are, but when they are complicated, the tax preparers have a huge "monopoly" of fear over the average taxpayer -- or even the non-average taxpayer.
The tax experts surely want the IRS to inquire to eBay and Yahoo because that means more business for them. For me, my biggest tax preparer prepared filings were years that I had more than a few businesses. They make a bundle on business returns, which in my case always had to end up as $0 income (S corp). They were dozens of pages in length, and I was never able to really ascertain what forms I really needed myself. Each year, it changed.
I hate every CPA and tax accountant I've met. I tell them this. They are scum of the earth, to be thrown into the pit of fire with the taxmen and Congressional Representatives that let this happen. It happens on the "watch" of the Democrats, and it happens on the watch of Republicans. It would happen on the watch of Libertarians if the ever were elected.