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MORNING BUSINESS REPORT: Reporting online sales to the IRS, smartphone COVID detection, expensive babysitting

WFSB Hartford logo WFSB Hartford 4/12/2021
logo: The Morning Business Report is sponsored by Access Health CT Small Business. © Provided by WFSB Hartford

The Morning Business Report is sponsored by Access Health CT Small Business.

(WFSB) – General Electric is developing COVID-19 sensors to allow mobile phones to detect the virus.

Plus, do you sell stuff online? The Internal Revenue Service wants a cut.

Here’s the Morning Business Report for April 12.

Reporting to the IRS

Starting next year, online sellers who use platforms like eBay and Etsy, and make more than $600, will have to report their income to the IRS.

These platforms will have to send both the seller and the IRS a form reporting earnings that they’ll have to submit when taxes are filed.

Previously, people only had to report income from online sales to the IRS if they made more than $20,000 over 200 transactions.

However, thanks to a provision in the stimulus checks bill, the federal threshold will drop starting in 2022.

COVID detection

GE is working on technology that can detect the coronavirus through a smartphone.

The company said the sensors are smaller than a fingertip and can be programmed to detect the presence of other items of concern as well.

Scientists at the company are also mapping individual cells from lung tissue from patients who have died from COVID-19 to help better understand who the virus infects and how it affects the body.


Expensive babysitting

Getting a babysitter will cost more once everyone starts going out again.

A new survey found the cost of a sitter went up 5 percent over the pandemic.

The national average rate for in-person babysitting has jumped to $18.36 an hour for one child, which is a 3.5 percent increase over 2020, according to UrbanSitter’s 10th annual National Child Care Rates survey. And parents of multiples will be coughing up even more.

A recent study by the Center for American Progress found the cost of childcare in Connecticut is up 20 to 60 percent, depending on the age of the child and location of the childcare.

Stock market update

The Dow and S&P 500 closed at records Friday as investors look past signs of higher inflation in the U.S. and China.

For the week, the Dow gained 2 percent, the S&P 500 tacked on 2.7 percent and the Nasdaq advanced 3 percent.


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