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I sale on eBay and have my own website too and use PayPal. At the end of the year Paypal will send a 1099 form to IRS showing total amount sold. As you know this is not the profit. This amount shows all money received. I am assuming IRS will know that more than half of this amount will be item cost and rest are shipping charges and eBay fees and maybe there is a little profit.
So I hear that a new online tax law came out. That is it exactly? I heard it applies to companies with over 1M$ transactions. Is that true?
So lets say company A has total amount received is over 1M in one year so they have to pay sales taxes or it applies to a company with PROFIT of 1M dollars OR its 1M in sales?
And if company B has 980k in sales, they don't have to pay sales tax?