I'm going to repeat pburn's post with a few highlights because it bears repeating:
"And I'm sure you and everyone else reading this thread understands that this in no way affects an eBay seller's responsibility to report their eBay income, just as you and they should have been doing in past years, whether you received a Form 1099-K or not. Please don't think that not receiving a Form 1099-K relieves you of the obligation to report your eBay income, even if, after expenses, you don't owe any income tax on your sales.
The only change is that entities like eBay will not have to issue the forms. Nothing else has changed. Unless you, @avvid, are required for some reason to issue 1099-K forms, the IRS delay will have zero impact on you or your obligation to the IRS (and your country)."
Indeed.
I don't get why everybody is raising the roof with cheers about this. ALL income needs to be reported on whichever version of the IRS 1040 series is applicable to each person's financial situation. Always was needed, and always will be needed. And eBay sellers are supposed to report their income from sales on the 1040 form.
As I said in another post, one of the very few advantages to an eBay seller not getting a 1099-K form is that they will not receive another piece of paper they have to keep track of, that they will need when they sit down to complete their IRS Form 1040, with or without a paid tax preparer.
In fact, without eBay sending me a piece of paper saying how much I earned by selling on their platform, I will have to review my own record keeping of my sales this year, and make sure I haven't omitted any transaction or any detail of a transaction. Getting a 1099-K from eBay would have given me a number I could put on my 1040 form and rely on eBay's record keeping.
Oh, I just realized another advantage to eBay NOT sending out 1099-K forms: This board will not be deluged with posts of shrieks and wails beginning on February 1, up in arms about "eBay reporting sellers to the IRS." So that is probably a good thing.
