Online merchants may face new heat from the IRS

You know what they say about death and taxes…

According to the WSJ, recent legislation aims to help the IRS collect more taxes from online sellers. In a nutshell, PayPal and other processors of online payments will be required to report annual gross receipts to the IRS for all but the smallest online merchants (less than $10,000 or 200 transactions per year).

Apparently this is all part of the housing rescue package that President George W. Bush just signed yesterday, but I can’t find any text for the housing rescue package out there to see for myself. It seems that nobody cares too much about accessibility and open government on the national level (at least in spirit anyway). Have you ever been to the Senate’s website to look at active legislation?!).

If anyone else finds this language buried on one of the bills that make up the “rescue package”, let me know I’d like to read it.

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