Ebay sellers and a new filing with FinCen and BOI 2024
Does anyone know about the new U.S. Government filing with BOI in FinCen for eBay sellers in 2024?
I cannot find anything about eBay sellers that file their sales as a business owner when filing their yearly taxes.
Its a U.S. Government requirement to file your info and if you fail to file on time you can get a hefty fine and possible imprisonment.
Why hasn't eBay let anyone know about this new filing? It seems we sellers need to know about what we need to do.
Thank you
12 comments
iamcara
·1 year agoTechnically any dollar amount deposited into your bank account is subject to be reported on your taxes.
This is why prostitutes can't really use their bank accounts, unless they are stupid.
mam98031
·1 year agoThat is not exactly how that works. Not sure why you brought this up. IRS doesn't even know about a deposit to your bank account unless it exceeds 10k.
barsmilj0
·1 year agoLLC's are in scope from what I know.
broto_64
·2 years agoYes sellers need to declare ebay income on their taxes, and if they're savvy it would be helpful to declare expenses as well... However, selling on ebay in and of itself does not require business ownership. In fact one can declare themselves as self-employed. Although the terms are often used interchangeably they are not actually the same thing. When you're self-employed you're not always a business owner. You may simply have created your own job. For one you don't need a business name. Sellers still get paid directly, and the income goes directly into their bank account. And this type of freelance work, where sellers are not paid full time by any one company or business, can be sufficient to qualify for selling on ebay.
luckythewinner
·2 years agoIt is not eBay's job to notify eBay sellers about US government requirements that really have nothing to do with being an eBay seller.
Just as it is not eBay's job to tell Bay sellers to file a tax return every year or to send 1099s to subcontractors or to send W-2s to employees.
slippinjimmy
·2 years agoIt's not up to eBay to tell you how to deal with government requirements for operating a business.
The most important aspect of FinCen/BOI is that it only applies to Corporations or LLP's, that alone probably eliminates 90%+ of all eBay sellers.
If you are operating as a Corp/LLP you most likely are utilizing the services of an accounting firm and/or tax lawyer, they are the people who would be directing you to these new requirements.
janet9988
·2 years agoI would think sellers are responsible for knowing the laws of owning a business.
Ebay can't possibly be responsible for informing ebay members of all the laws.
monroe67
·2 years ago"Does anyone know about the new U.S. Government filing with BOI in FinCen for eBay sellers in 2024?"
It would be helpful to other eBay users who are apparently less-well-informed than you are . . . .
if you could spell out what those acronyms mean.
Turns out the FinCEN (note capitalization) means the US Treasury's Financial Crimes Enforcement Network.
And BOI refers to the Beneficial Ownership Information Reporting Rule.
Thanks to nobody*s_perfect for providing the link to Treasury's information.
a_c_green
·2 years agoGod, yes, not only for obscure stuff like this, but also for common eBay terms that are obvious to us but not necessarily to the newbie asking the question: NADs, INRs and so on.
Always spell out a term the first time you use it, and then after that you can use its acronym as a quick reference.
caldreamer
·2 years agoUse this link below and go to bottom of the page (this explains which companies are required to get FinCen#).
https://www.fincen.gov/boi-faqs#A_1
mam98031
·2 years agoThis isn't all inclusive, but it might help.
https://www.pages.ebay.com/pr/es-co/help/account/acronyms.html
nobody*s_perfect
·2 years agoI suspect that this doesn't affect most eBay sellers. Here's some background info:
https://www.fincen.gov/boi-faqs