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Inform Consumers Act
 

What do you guys think?

https://www.congress.gov/bill/117th-...-bill/936/text

Re: Inform Consumers Act
 

Re: Inform Consumers Act
 

Uncle sam wanting more money from everyone basically?

Re: Inform Consumers Act
 

"—The term “high-volume third party seller” means a participant on an online marketplace's platform who is a third party seller and who, in any continuous 12-month period during the previous 24 months, has entered into 200 or more discrete sales or transactions of new or unused consumer products resulting in the accumulation of an aggregate total of $5,000 or more in gross revenues."

Lol wut

As an aside, Amazon has been pushing towards this for some time now. If you're a sole prop or individual seller they display your personal information on your seller profile

Re: Inform Consumers Act
 

Right, for me it helps to confirm if a seller is from China or not as a buyer

Re: Inform Consumers Act
 

At this point, all of us sellers should take bitcoin only as a form of payment. The overreach by uncle sam is getting way out of proportion.

Re: Inform Consumers Act
 

Doesn't work unless there's no other option. Buyers aren't going to download coinbase, link their card, buy the required amount of BTC, pay coinbase's fee, wait 7 days, possibly buy more BTC if the price has gone down and then possibly wait another 7 days for the funds to clear, then two weeks later buy something from your store. :confused:

I don't think anything about this legislation. The writing has been on the wall for years with chinese and American sellers alike ripping off American brands wholesale. :juggle: I'll continue trying to stay in business.

Re: Inform Consumers Act
 

$5000 is high volume? Hell, I've seen people sell $5000 by just getting rid of their old ****, before/after they buy replacement ****.

Re: Inform Consumers Act
 

isn't BTC going to be taxed also?

YES,BTC is taxed,just like stocks and bonds

all that requirements are already covered by the marketplace provider-Ebay,Etsy,Amzn,Mercari ,except the full name and physical address of the seller,no one wants to display thei real name and physical address on every item listing.thats why we have seller ID.
AS For 5K and 200 transactions,sales venues will report to IRS and states,nothing new?
$5000 and 200 transactions is not exactly high volume seller

what are they trying to accomplish?sales tax,venue collects sales tax and remit to states,Federal income tax,we get 1099K and report on our income tax return,??/
kind of Johnny come lately.

thats over a year old??They must not know much about e commerce.

if you accept bitcoin as payment ,the dollar equivalent of the bitcoin payment will be reported on your schedule for small business .
If it is a small amount,I doubt IRS will care,it is going after the big whales !

Re: Inform Consumers Act
 

It's still taxed as capital gains rather than income, I think. Which doesn't really apply to a business taking it for payments. :noidea:

It would be silly to include anything BTC on your tax return anyway unless you absolutely have to (like if you've been trading BTC on cash app and they made a 1099 for you).