People who use eBay are being asked by the popular bidding company for their Social Security numbers ahead of a recent adjustment to an IRS rule.
The change made by the IRS involves reporting any cash payments worth $600 or higher that recipients paid or received through third-party organizations when filing taxes. Ahead of this rule change, online retailers such as eBay are asking users and sellers for sensitive information, according to the Hill.
Originally, 1099-K forms were meant to be issued to taxpayers to report these online transactions when filing taxes this year. Despite the delay, however, the IRS claims some taxpayers may receive 1099-K forms this year “in error.” “Some individuals may receive a Form 1099-K for the sale of personal items or in situations where they received a Form 1099-K in error ,” the agency said in a statement.
“The real problem is that the IRS has not provided much guidance to help the platform companies regarding when and what information they need to collect and report, and to taxpayers to understand what platform companies are required to report,” the spokesperson said.
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