The eBay auction community is buzzing with word that eBay has handed over sales data to the Australian Taxing Authority. The Australian IT article states the sales data was for the years 2003-2006 on sellers who's total yearly sales met or exceeded $50,000 Australian.
Many of the community boards and news sources wonder if the US market is next and what data will be turned over to the IRS or State Revenue Departments. While this is beneficial to many merchants, who already report taxable income and sales generated on eBay, many small online sellers may get caught in the crossfire.
eBay sellers can avoid unnecessary worry and hardships by speaking with a tax professional and filing amended returns if needed. Amended returns will not prevent all of the penalties and interest, but it will provide peace of mind and a visit from the Tax Man.
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