Must be my day for finding interesting infographics. Below is an infographic about the 1099-K, an new IRS form for reporting certain income, like sales on eBay, Etsy and Amazon of over $20,000. IRS is hoping to collect taxes on rebates, class settlement payments, refunds and other sources of income that may be forgotten when tax time is here.
The IRS says the form will not be compared to returns, but hopes it will improve voluntary tax compliance.
I may fudge on deductions, but I claim every penny of income. I made up this rhyme to remember why: "inflate deductions, pay taxes and fine; under report income, serve federal time."
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