how many are worried?

[forgottenape]

with the new reporting threshold i wondered how the irs was going to keep up but with the new bill there are going to be 85000 new agents. problem solved. welcome to the real world part timers hope you have receipts going back for awhile. and start looking for a good cpa  😃

[bonjourami]

When I was selling part time, I always claimed my sales,so Ive never worried about anybody's taxes but my own. Those new Irs agent to be hired are over a twenty year period. Im still waiting for my 2021 refund after filing an amended tax form,so maybe they need them.

[heckofagame]

I would be more worried about the revenue agents that frequent these forums.  Lots of incriminating statements are made here. LOL

[monica-sells]

As long as they are properly trained it should not present a concern for most taxpayers that keep at least basic records.....

I was, unfortunately, at the mercy of a gung-ho agent during an audit of my brick & mortar store (I was an early entry into the same-day photofinishing business) so I am somewhat biased......

He just couldn't comprehend the expenses of a business that they simply did not yet have "statistics" on......

no standards or comparables (there were only a few in the country at the time)

I look back on it now and kind of chuckle.......

added: edit

oh.....I was actually found to have overpaid....

I mistakenly reported sales tax as income, and forgot to deduct it....as well as under-reported my auto usage....(and yes, I did get a new accountant)

[wastingtime101]

The new threshold is whether the marketplace is required to issue the 1099 - not whether the seller is required to report sales income.

Any seller (part time or otherwise) that's been reporting income in accordance with tax laws has nothing to worry about in terms of back taxes.

[dbfolks166mt]

     I am not overly concerned as I have always reported my income and I am what I guess you would call a "part timer". I have also always done my own taxes using a commercial tax software package. Almost all of the information I need with regards to income and expenses I can pull from the available reports on eBay, PayPal, Venmo and all of the other third party financial processors or ecommerce sites. About the only thing I have to keep records on is my COGS, mileage and misc. expenses like packing materials, paper, ink, etc. Most of those are easy since the items were bought online or at a B&M store and I have receipts. 

     As for the new IRS agents those may not survive the next fiscal year budget exercise for 2023 which is supposed to be passed into law before 1 October 2022. However, Congress has not managed to complete that task on-time since 1996.  There are a total of 12 individual spending bills that constitute the Federal Budget and Congress much vote on each of those. It may prove to be a battle since Biden's 2023 budget proposal would increase non-defense appropriations by about $97 billon which is 13% above the 2022 enacted level. The Democrats however do control both chambers of Congress and the Presidency, at least for the moment, and they may have some incentive to get it passed before the November elections given the projections on the outcome of those elections and the potential impact to party representation in both the House and Senate. 

[gurlcat]

Where did you hear about the bill, FOX News?  It's not 87k new agents starting all at once but over the next 10 years, and in those same 10 years at least half that many are expected to retire or quit for whatever reason.  There will be some net gain in number of agents but there will be a net gain in the US population also, so duh.    

[12345jamesstamps]

I use H & R which has been great for me in the past and future. Receipts from previous years are good if you never used them for deductions....buying stuff in the past selling now.

They mentioned something like 200,000+ making over a million dollars last year and only 7 got audited.

I wouldn't worry too much.

[lamber9347]

---

@gurlcat wrote:

Where did you hear about the bill, FOX News?  It's not 87k new agents starting all at once but over the next 10 years, and in those same 10 years at least half that many are expected to retire or quit for whatever reason.  There will be some net gain in number of agents but there will be a net gain in the US population also, so duh.    

---

Thank you gurlcat....😁

[chapeau-noir]

This should not be a problem to people who have been doing the simple book work (you do NOT need a CPA - oh please) to pay their taxes (IF they owe anything) on their profits.

The idea that one should be able to sell on an online platform with world-wide reach and act like it's a nickle-and-dime yard sale is ludicrous.

[wildpitchsports]

I tried to warn people end of last year and got killed out here for it.

Millions are still unaware and won't be until it shows up in their mailbox next year.

I prepared, personally.

[beautifulbeauty2012]

You don`t need a CPA to do your ebay taxes, especially for small volume sellers. There are a few free options to do your taxes yourself as long you have your receipts/numbers and have an understanding what is a business expense for your business. But again, some people prefer to change oil at servicing centers, while others do it themselves. 

[buyselljack2016]

And to add to that..................  as I have read,  some of those new hires are to fill existing vacancies also lowering that "net gain".

Bring it on. I'm good to go. Perhaps they can snag some of the scofflaws.

[southern*sweet*tea]

Not worried at all.  The "new bill" does not affect me, because I don't issue 1099 forms.  I'll continue to file my taxes as I always have, with or without a 1099.

[monica-sells]

"...as long you have your receipts/numbers and have an understanding what is a business expense for your business..."

I 100% agree.....except....

have you ever seen some of the questions/posts asking 3rd grade accounting questions?

I am not talking advanced here, just basic 2+2=4 stuff...

they need a cpa or at least a friend/relative or associate to help them out.