For 2011, credit and debit card companies will begin to issue 1099K forms on payments to merchants, and third party networks such as PayPal.
The IRS will begin matching the income on the tax return to spot discrepancies and under reporting.
We always appreciate the IRS helping us keep accurate records. At some point in the future, the IRS will already have your taxable information and will just send you a bill for the tax you owe!
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