Have you heard about the new 1099-K?
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I am part of a small business association that sends out a news report called SmartBrief.
The reason I bring this up is, I was just perusing my latest SmartBrief and came across an article that has potential to effect each and every one of us ... well probably not me, but maybe some of you who have had really great sales this last year!!!
It is concerning the 1099-K form which sales providers (such as Ebay, Etsy, and with credit card sales) will be reporting internet sales activity to the IRS!!! Don't freak out just yet ... you have to have "200 transactions and $20,000 in annual gross receipts" in a given year ... regardless, you might want to check it out if you aren't already familiar with it.
Here is the link: www.businessweek.com/small-business/hiding-income-look-out-here-com...
Posted at 6:00pm Jan 26, 2012 EST