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Member Workshop: What you need to know about your E-Business, the IRS and a
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Last Post Sep 12, 2006 12:23 PM by: deirdre@ebay.com
Replies: 87
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deirdre@ebay.com
Posts: 3,846

Member Workshop: What you need to know about your E-Business, the IRS and a

Aug 31, 2006 2:04 PM
Topic: Member Workshop: What you need to know about your E-Business, the IRS and a Potential Audit!

Host: keepmore
Date: Tuesday 09/12
Time: 11:00 am – 12:00 pm PT
Location: Workshop Board

Description: It is boldly stated in the audit manual for IRS Revenue Agents that "The potential for omitted income is greater in E-Business due to the borderless and paperless feature of the organization……". With that one simply statement, the IRS is taking an aggressive stand on unreported income in E-Businesses such as your eBay business. During our next workshop, Phyllis Wischer, Lead Business Coach from Certified Provider KeepMore.net, will discuss some of the top 27 questions an IRS agent will ask you in the event of an audit of your eBay business. Join us to learn what you will be asked and how you can prepare yourself in the event of an IRS audit of eBay business.

Cheers,

Deirdre
eBay Community Development
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deirdre@ebay.com
Posts: 3,846
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Member Workshop: What you need to know about your E-Business, the IRS and a

Sep 12, 2006 10:57 AM
Welcome and thanks for joining us today!

We love workshops to be interactive, so please feel free to ask your questions that directly relate to this topic.

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A from our Legal Department: The statements and opinions made in this discussion board are those of the workshop host only and do not reflect eBay policy or eBay's opinion with respect to such statements.


Cheers,

Deirdre
eBay Community Development
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the_space_cadet
Posts: 2
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Member Workshop: What you need to know about your E-Business, the IRS and a

Sep 12, 2006 10:59 AM
Good morning,
I am a new PowerSeller and would like to get my duck in a row so I don't have any trouble with the tax man ;)
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twintreats
Posts: 2
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Member Workshop: What you need to know about your E-Business, the IRS and a

Sep 12, 2006 11:01 AM
I'm a new Ebay store owner and need to make sure I keep proper records for taxes and know what I should be tracking.
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dealsandsales
Posts: 33
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Member Workshop: What you need to know about your E-Business, the IRS and a

Sep 12, 2006 11:02 AM
Hello, I haven't filed any tax papers for ebay income yet. this will be my first year so I am eager to learn what to do and what not to do.
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keepmore
Posts: 588
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Member Workshop: What you need to know about your E-Business, the IRS and a

Sep 12, 2006 11:03 AM
Hello everyone! Thanks for joining us today!

My name is Phyllis Wischer and I am the Lead Business Coach at SageFire, Inc., the creators of the KeepMore.net tool. I am a Public Accountant with 20 years experience in helping thousands of small business owners with their bookkeeping, accounting and tax needs.

SageFire is an eBay Certified Solution Provider specializing in helping small business owners' track their business financial activity using our online accounting solution. Our solution, KeepMore.net, makes it simple for you track your business while maximizing your tax benefits.

As we go along, please feel free to chime in with any questions you may have.
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gamewizard61
Posts: 15
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Member Workshop: What you need to know about your E-Business, the IRS and a

Sep 12, 2006 11:04 AM
I am a power seller who has been selling AND reporting my income to the IRS for many years. It isn't easy to keep track of everything but I feel that it's worth it in the end to keep the tax man happy. :)
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mr.kookoo
Posts: 1
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Member Workshop: What you need to know about your E-Business, the IRS and a

Sep 12, 2006 11:05 AM
aloha, i would like to know if Ebay and or Paypal has a monthly cap at which they have to report da income to da IRS. ie: $2,000 amonth or more in sales. iz this correct? THANK YOU............
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gamewizard61
Posts: 15
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Member Workshop: What you need to know about your E-Business, the IRS and a

Sep 12, 2006 11:06 AM
From what my accountant has always told me, ANY income you make should be reported no matter how small. Is this correct?
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bbbowen2005
Posts: 15
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Member Workshop: What you need to know about your E-Business, the IRS and a

Sep 12, 2006 11:07 AM
Hi, I appreciate any information on this subject. I thought that if you charge commission to sell for someone else, you should only have to report that commission as income. Also, if you sell to someone in the State your business is in, and you charge that buyer tax, then you only report that sale. Not all internet sales. Is that right? Or does it vary from state to state? Thanks, bbbowen2005
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the_space_cadet
Posts: 2
(10 of 87)

Member Workshop: What you need to know about your E-Business, the IRS and a

Sep 12, 2006 11:11 AM
Hi,
This is the first workshop I have attended. I am only seeing questions but no content from keepmore? Is it just me?
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unocomputers
Posts: 9
(11 of 87)

Member Workshop: What you need to know about your E-Business, the IRS and a

Sep 12, 2006 11:11 AM
I would like to know just how hot and heavy the IRS has been chasing sellers?
hOW DOES E BAY HELP THEM OUT. hOW FAR BACK in time WILL E BAY DIVULGE any INFO THEY REQUEST regarding sales etc.??
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bbbowen2005
Posts: 15
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Member Workshop: What you need to know about your E-Business, the IRS and a

Sep 12, 2006 11:13 AM
Hi The Space Cadet...my first time too. Seems like we are waiting for the answers...bbbowen2005
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unocomputers
Posts: 9
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Member Workshop: What you need to know about your E-Business, the IRS and a

Sep 12, 2006 11:13 AM
All I see is questions too
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gamewizard61
Posts: 15
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Member Workshop: What you need to know about your E-Business, the IRS and a

Sep 12, 2006 11:13 AM
The information that I type is from my own experience...That being said, I believe that you can only charge state tax on items sold in your state as long as you have a tax number. You then need to pay in to your local government annually. Again, from what our accountant tells, we need to claim ALL income no matter how small.
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