Important PayPal 1099K 2017 tax change for MA and VT sellers!

[279sting]

Important PayPal tax reporting change for sellers located in MA and VT.

I contacted PayPal this morning after receiving a 1099K form. PayPal informed me that MA and VT as of 2017 now require them to report any sales over $600.00 to the IRS. According to PayPal all other states still only require sellers with sales that exceed $20,000.00 or 200 transactions per year be reported to the IRS.  Just an FYI for all sellers located in MA & VT.     

[the*dog*ate*my*tablecloth]

While it's a change for people in those States (including me), sellers should have been reporting any income all along, regardless of whether they got a 1099 or not.