Part 9/10:
Keep meticulous records of your transactions, expenses, and receipts to ensure smooth handling of potential audits.
The IRS continues to monitor and match forms, so compliance remains essential.
Final Thoughts: Caution Remains
While the legislative change is a positive step, it is not a sign to become complacent. The IRS still maintains its enforcement powers, and taxpayers should view this development as a relief from unnecessary burdens rather than a reprieve from compliance.
Mistakes, over-reporting, and audits are still possible but now are less likely to involve large numbers of casual sellers. Staying organized, reporting all earned income, and understanding the rules are your best defenses.