Future of Capitalism - The government's never-ending quest to find
new and expanded ways to define taxable income has reached a new
frontier: review copies of books. Professors who receive review copies
of expensive textbooks from publishers, beware. Amazon wrote today to
reviewers who participate in its Vine program that provides free review
copies of books and sometimes other products. The reviewers aren't paid
by Amazon for their writing: "Starting July 1, 2015 you will be required
to provide valid tax information by completing Amazon's tax
questionnaire to continue participating in the Vine program.....As of
that date, we will be tracking the value of products you order through
Amazon Vine. If you exceed the threshold of $600 in aggregated product
value within a calendar year, you will be issued a 1099-MISC at the end
of that year." Also from the Amazon tax Q and A for Vine reviewers:
Can I return my Vine item after reviewing so I do not have to pay taxes?
No.
What's next? Is the government going to start taxing news
organizations on the value of their free seats at sporting events,
concerts, plays and movie screenings? Will the New York Review of Books
and the New York Times Book Review have to start paying taxes on the
value of their review copies?
1 comment:
Typical. Chasing the nickels and pennies and letting the dollars go.
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