View Full Version : "We have to pass the bill to see what it covers"

07-21-2010, 09:51 AM
Like the sale of gold by private citizens.

<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">Those already outraged by the president's health care legislation now have a new bone of contention -- a scarcely noticed tack-on provision to the law that puts gold coin buyers and sellers under closer government scrutiny.

The issue is rising to the fore just as gold coin dealers are attracting attention over sales tactics.

Section 9006 of the Patient Protection and Affordable Care Act will amend the Internal Revenue Code to expand the scope of Form 1099. Currently, 1099 forms are used to track and report the miscellaneous income associated with services rendered by independent contractors or self-employed individuals.

Starting Jan. 1, 2012, Form 1099s will become a means of reporting to the Internal Revenue Service the purchases of all goods and services by small businesses and self-employed people that exceed $600 during a calendar year. Precious metals such as coins and bullion fall into this category and coin dealers have been among those most rankled by the change. </div></div>

What's next? (http://abcnews.go.com/Business/gold-coin-dealers-decry-tax-law/story?id=11211611)


07-21-2010, 10:49 AM
Pity the small business who, under this kind of regulation, will be required to have 1099s for the power company that provides them electricity, the water department, sanitation services, there is virtually no end to the potential list. $600 per year is only $50 per month.

Another case of over regulation creating more headaches and expense for small business. Unintended consequences????


07-21-2010, 10:52 AM
And all the companies which will have to process these 1099's.

As a small business owner and operator of 12 rentals I can tell you what the object of this bill is ... empowering the IRS to disallow untold billions in legal deductions, along with intimidating small business away from even claiming legitimate deductions.

We have a thugocracy, plain and simple.