Photo: Eyewave / Dreamstime
Have you been reporting your eBay income when you do your federal income taxes? If not, new tax rules for the 2011 tax year may change your tune. The IRS plans to introduce a new form on which payment processors are to reporting sellers' gross receipts via electronic transactions—Form 1099-K—and to require those receiving payments via electronic transactions to account for this income in their return. Read on for details.