eBay Partners With TaxAct To Help Sellers With 1099-Ks
eBay has tapped TaxAct to help sellers navigate new 1099-K and tax requirements with the launch of a new tax information center for eBay sellers.
eBay and TaxAct®, a leading DIY tax preparation service, are partnering to help untangle the impact of the new threshold for Form 1099-K and provide information and support you may need to prepare your tax filing with TaxAct's new Tax Information Center for eBay Sellers.
Prior to 2022, eBay and other online marketplaces were not required to issue Form 1099-K until sellers reached an annual threshold of 200 transactions and $20,000 in gross payments. As of January 1, 2022, the threshold was lowered to $600 and marketplaces like eBay are now required to report gross payments totaling $600 or more in a calendar year, with no transaction minimum.
We understand the new tax requirements can be confusing. We’re here to help.
Targeted 1099-K tax guidance for eBay sellers—powered by TaxAct
eBay and TaxAct have launched the Tax Information Center for eBay Sellers to help you understand your Form 1099-K tax obligations. The Tax Information Center for eBay Sellers offers expert articles, blogs, tips, and insights that may be relevant to your unique situation. You’ll also find a 5-point tax preparation checklist that will help ensure that you’re compliant when you file your taxes.
> Professional assistance from TaxAct—online, for free
Whether you're a casual hobbyist or high-volume seller, TaxAct offers the tools and support you need to make filing easy. TaxAct services are used by millions of customers each year, and filers can access free online assistance from CPAs and other tax experts through TaxAct Xpert Assist℠. TaxAct works closely with the IRS and state authorities to ensure the security of filers’ accounts, and guarantees the calculations on their returns are 100% accurate.
Disclaimers:
eBay and its affiliates do not provide legal, tax, or accounting advice. This material is being provided for informational purposes only and is not intended as, and should not be relied upon for, legal, tax, accounting, or other professional advice. Please consult your own legal, tax, and accounting advisors for advice specific to your situation
TaxAct Xpert Assist is available as an added service at no charge for TaxAct’s online, consumer-prepared 1040 and sole proprietor products. Service hours limited to hours of operation and by expert availability. Some tax topics or situations may not be included as part of this service.
Hopefully someone at TaxAct has been clued in to the many issues sellers faced this year with 1099-Ks - especially the issues regarding stolen identity info being used to create fraudulent accounts to sell on the platform, which I suspect will come back around next year as well.
Liz Morton ~ Founder
