08-24-2006, 01:14 PM
Quote:Facing a $345 billion tax gap, the Internal Revenue Service has set its sights on a new target - the rapidly expanding world of online business.
In an effort to crack down on under-reporting by individuals and businesses that sell goods online, an IRS official said the tax agency is discussing creating new tax reporting requirements...
While no details were given, the new reporting requirements could mean big changes for stand-alone Web retailers as well as individuals selling family heirlooms through popular online auction sites such as eBay Inc...
One remedy the IRS is considering is third-party reporting, or having an outside source, such as an online auction site, report information to the IRS...
full article: http://money.cnn.com/2006/08/23/pf/taxes/online_taxes/