[SkyHub] ATTN: Online/Offline Sellers of used gear: IRS Tax Changes coming in 2022

[Part 15 Engineer]

Just a heads up to online and offline sellers; the federal reporting 
thresholds are currently (till the end of 2021) $20,000.00 in gross 
sales and 200 Transactions before IRS reporting (1099K) kicks in. now 
beginning in 2022 the new federal reporting thresholds have been 
severely lowered to just $600.00 in gross sales and no transaction 
thresholds and then you will receive a 1099K from your online payment 
processor or banking institution.

the new IRS rule changes also include the monitoring and reporting by 
all banking institutions (in addition to payment processors) of all 
inflow and outflow of funds in corporate and individual bank accounts.


Forbes Article on aggregate inflows and outflows

https://www.forbes.com/sites/irswatch/2021/04/28/banks-will-be-required-to-report-account-balances-account-outflows-and-inflows-to-irs-under-new-biden-plan/?sh=64232c6c12bf


online reporting threshold changes 2022 article CNBC

https://www.cnbc.com/2021/03/26/its-going-to-get-harder-to-avoid-telling-the-irs-about-income-from-online-sales.html


Thanks

kc8gpd

wrcm325


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