So I didn’t find this out till recently but as a public service announcement, I wanted to warn the resellers out there who don’t claim their online sales profits on their taxes.
New tax laws as of Jan 2022 drop the threshold of online sales income from $20,000 to only $600 annually before the payment service has to issue a 1099. The old threshold had become if you exceeded $20k in income and 200 transactions you would get a 1099 back in the Obama administration as a secret piece of legislation that was buried in the Obamacare plan, around 10 years ago.
Once again, this is a warning to resellers, claim your sales or more than likely for those who are scared of dealing with the IRS, “one way or another”, quit selling altogether online.
This ploy is geared to push everyone to sell legitimately online, of course.
What this will spell for our collecting obsession is, less sellers and higher prices, on either end.