In a recent Tax Talk issue an article caught the eye of my researcher. The title alone was sufficient to take notice…Is the IRS Watching You? By Michael March, Associate Attorney at Rosenberg Martin Greenberg. Summer 2019. Tax Talk. www.msba.org
In this excellent article, one suggestion is that: "Moving forward, it is likely the IRS will leverage information already warehoused by internet conglomerates such as Amazon, Google, and Apple to further enhance the automated corrections of tax returns and further refine the audit selection process."
In related information – from the Amazon.com website: Internal Revenue Service (IRS) regulations require that U.S. payment processors, including Amazon Payments, file a Form 1099-K to report unadjusted annual gross sales or payment volume information for customers that meet both of the following thresholds in a calendar year:
More than $20,000 in gross payment volume
More than 200 transactions
If you are a small business and utilize the internet in your sales/payments, be aware that the IRS will be watching.
Seek the advice of a qualified professional concerning tax obligations you may incur with internet sales.
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