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IRS 1099-K Reporting Requirements Will Affect Amazon Sellers
By Kenneth Corbin
AuctionBytes.com
April 05, 2011
Like many other payment-service providers, Amazon.com will be subject to
rigorous new IRS reporting requirements for the 2011 tax year that will
directly impact its network of merchants, the company has confirmed.
The ecommerce giant has updated its "help page for sellers to outline the
changes, which will require payment providers to submit a new 1099-K form
detailing monthly transaction information for merchants that meet a minimum
volume and revenue threshold.
In order to trigger the reporting requirement, merchants must execute at
least 200 transactions in a year that add up to at least $20,000. Amazon and
other payment providers will only submit 1099-K forms for sellers that meet
both thresholds.
However, any sellers that use Amazon's payment services, regardless of their
volume or revenue, must submit a taxpayer information number (TIN) to the
company.
"As a result of the new regulations, sellers will be required to provide
taxpayer identification information to Amazon in 2011. If the required
information is not provided to Amazon in 2011, your Amazon selling
privileges will be suspended until you provide the information," the company
said.
Amazon spells out the information it will require from sellers in its
Frequently Asked Questions section here.
That Amazon is affected by the new reporting requirements is not altogether
a surprise. The rules, drafted in an effort to capture tax revenue on income
that often went unreported, were written broadly to apply to traditional
credit card companies, gift card and other value-stored card providers, and
electronic payment processors such as PayPal.
Google recently confirmed to AuctionBytes that it, too, is affected, and
will soon begin notifying Checkout users of the new requirements.
Amazon has already begun alerting merchants of the changes. Seller Steve
Weber has posted the email he received from the company detailing the new
1099-K on his blog.
The IRS has posted the form on its website here, with details on the
reporting requirements here.
The complete and final rules were published in the Federal Register in
August.
By Kenneth Corbin
AuctionBytes.com
April 05, 2011
Like many other payment-service providers, Amazon.com will be subject to
rigorous new IRS reporting requirements for the 2011 tax year that will
directly impact its network of merchants, the company has confirmed.
The ecommerce giant has updated its "help page for sellers to outline the
changes, which will require payment providers to submit a new 1099-K form
detailing monthly transaction information for merchants that meet a minimum
volume and revenue threshold.
In order to trigger the reporting requirement, merchants must execute at
least 200 transactions in a year that add up to at least $20,000. Amazon and
other payment providers will only submit 1099-K forms for sellers that meet
both thresholds.
However, any sellers that use Amazon's payment services, regardless of their
volume or revenue, must submit a taxpayer information number (TIN) to the
company.
"As a result of the new regulations, sellers will be required to provide
taxpayer identification information to Amazon in 2011. If the required
information is not provided to Amazon in 2011, your Amazon selling
privileges will be suspended until you provide the information," the company
said.
Amazon spells out the information it will require from sellers in its
Frequently Asked Questions section here.
That Amazon is affected by the new reporting requirements is not altogether
a surprise. The rules, drafted in an effort to capture tax revenue on income
that often went unreported, were written broadly to apply to traditional
credit card companies, gift card and other value-stored card providers, and
electronic payment processors such as PayPal.
Google recently confirmed to AuctionBytes that it, too, is affected, and
will soon begin notifying Checkout users of the new requirements.
Amazon has already begun alerting merchants of the changes. Seller Steve
Weber has posted the email he received from the company detailing the new
1099-K on his blog.
The IRS has posted the form on its website here, with details on the
reporting requirements here.
The complete and final rules were published in the Federal Register in
August.
