As I stated a day or two ago there is a flood of posts about the new reporting rules for third party payment processors happening.
To vlvosh, YES we have always been required to include on-line sales in our adjusted gross income since the internet was invented.
There was never a minimum amount required to include on-line sales with AGI. The very soon (tonight) to be antiquated 20K + 200 sales guidance for 3rd party processors has been revised to a much lower threshold to eliminate not only tax cheaters but also more importantly close a money laundering scheme for nefarious drug dealers who figured out how to 'sell' inexpensive items for huge amounts to their special 'customers'. I suppose living 'off the grid' is going to get more difficult for people who deal in certain trades and use those cell phone card sliders to receive payments.
The effect this is gong to have on flea market sellers who relied on card swipes to process payments will be significant if they filed to report that type of income for many years.
