Quote:
Originally Posted by BobC
As for this whole thing being so egregious for the small-time sellers, I don't necessarily disagree. The government is out for the bigger fish, but unfortunately these new reporting laws and thresholds are seen by them as the most efficient, thorough, and possibly politically correct ways to go about seeking better compliance with and enforcement of our tax laws. Unfortunately, for these new laws/methods to work, they kind of have to cover and be applicable to everyone to work. Don't forget that part of this is also to deter others from skirting the tax laws in the future. And the big fish of tomorrow usually start out as the little fish of today. So unfortunately, I doubt you'll see these new rules/laws being repealed anytime soon, if ever at all.
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Interesting...Does the Gov't define the big fish as those that make more than $600 but less than $20K? In theory anyway, wouldn't the same big fish be caught at the $20K threshold? At face value, it doesn't feel like those are the people they are going after.