The reporting provision would apply to merchants who earn more than $10,000 and make more than 200 transactions annually.
Thats almost everyone. Not per transaction over 10k, but earnings of 10k per year.
If that’s true it’s a lot different from the bank requirement, which requires banks to reports transactions above $10,000 (where many report somewhat smaller ones anyway). This seems to be tracking the seller’s selling more than buyer’s buying, reinforcing the IRS aspect but not the title of the article.
If that’s true it’s a lot different from the bank requirement, which requires banks to reports transactions above $10,000 (where many report somewhat smaller ones anyway). This seems to be tracking the seller’s selling more than buyer’s buying, reinforcing the IRS aspect but not the title of the article.
Thats almost everyone. Not per transaction over 10k, but earnings of 10k per year.
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There’s a world of difference between 10K in sales and 10K in profits...