US tackles eBay taxpayers

US tackles eBay taxpayers

US taxman gets tough on eBay users in a bid to recoup $2bn in lost taxes

The US tax authorities could soon receive information from auction houses
such as eBay and Sotheby’s on customers that carrying out lots of transactions.

The Internal Revenue Service
is expected to introduce the regime from next year for customers carrying
out more than 100 transactions of at least $5,000 ($2,564), and could collect
$2bn in taxes, reports the FT.

eBay has argued that the
strategy is anti-competitive as some of its competitors are exempt from the
regime.

HM Revenue &
Customs
has repeatedly warned eBay users in the UK to consider the
tax implications of trading on the website.

Further reading:

Ebay to help stop illegal antiquities
auctions

BBC sinks Blue Peter badge eBay pirates

PayPal and eBay top phishing hit-list

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource