You may know that – if you
fall behind on your taxes – the IRS may draft your bank account or garnish your
wages. These actions are called “levies.”
The IRS has a new revenue
source to levy.
If you sell on eBay or
Amazon, or accept PayPal, you may have received a Form 1099-K. The 1099-K
reports monies paid to you, if you exceed a certain dollar or number-of-transactions
threshold.
There are new instructions to
IRS revenue officers.
1.
They now have
another address at which to contact you, should you have moved and disappeared
from their radar.
2.
They now can levy
those eBay, Amazon or PayPal payments, if you owe the IRS money and have not
entered into a payment plan. They will levy future payments until the taxes are
fully paid.
The 1099-K is joining the
long-established levy program on W-2s and bank accounts. The levy program on
1099-Miscellaneous (that is, independent contractor) income has also been
around for a while.
I have been doing a lot of reading on irs wage levy lately. Did you know that the IRS can still get you 31 years later? That is crazy. I didn't know that if you sell things on ebay and amazon that you have to put that in your taxes. Thanks so much for the great information Steve.
ReplyDeleteThe article is very informative and useful. Get the creative information of 1099 k
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