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Posted: 7/21/2010 7:00:23 AM EDT
http://abcnews.go.com/Business/gold-coin-dealers-decry-tax-law/story?id=11211611
Isn't this a bit much Sherrick? 
Isn't this sort of like getting change for a $100 bill, rather than "buying" something. |
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Posted: 7/21/2010 7:04:46 AM EDT
[#1]
Article is misleading
The Obama Administration is trying to destroy small businesses in America by this great new 1099 law. It is a compliance nightmare. Buy 5 lowers from Rainier Arms? Oops, now you have to file a 1099 and your firearms are registered somewhere else, yet again. |
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Posted: 7/21/2010 7:05:54 AM EDT
[#2]
Does this cover the chocolate coins?
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Posted: 7/21/2010 7:14:25 AM EDT
[#3]
BHO is struggling in trying to pay for his health care reforms.
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Posted: 7/21/2010 7:17:23 AM EDT
[#4]
Something I need to get explained about this law...any time I sell OR buy more than $600 worth of goods from a company, I have to file a 1099, right? Does that mean I have to fill out 1099s for grocery stores and Walmart? Or do they have to fill them out on me?
I just gave an imaginary toast to the new underground economy these asshats have inadvertently created. Sons of bitches. |
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Posted: 7/21/2010 7:17:58 AM EDT
[#5]
1) ABC is really slow on the uptake, as this was reported months ago.
2) It affects all businesses, not just coin dealers. http://www.ar15.com/forums/topic.html?b=1&f=5&t=1034035&light= http://www.ar15.com/forums/topic.html?b=1&f=5&t=1044134&light= |
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Posted: 7/21/2010 7:20:02 AM EDT
[#6]
Quoted:
Buy 5 lowers from Rainier Arms? Oops, now you have to file a 1099 and your firearms are registered somewhere else, yet again. Not true - it only affects business expenditures. If you consign, sell, or trade more than $600 to an FFL, coin dealer, pawn shop, etc. then you will get a 1099-MISC. If you buy from an FFL you don't have to do anything. |
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Posted: 7/21/2010 7:20:18 AM EDT
[#7]
is a 1099 the new upgraded 10/22??
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Posted: 7/21/2010 7:32:09 AM EDT
[#8]
Quoted:
BHO is struggling in trying to pay for his health care reforms. this ain't to pay for healthcare.... really, the dumb fucker has no fucking clue, other than to destroy the enemy of his religion. us. TXL |
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Posted: 7/21/2010 7:36:48 AM EDT
[#9]
Quoted:
Something I need to get explained about this law...any time I sell OR buy more than $600 worth of goods from a company, I have to file a 1099, right? Does that mean I have to fill out 1099s for grocery stores and Walmart? Or do they have to fill them out on me? I just gave an imaginary toast to the new underground economy these asshats have inadvertently created. Sons of bitches. If you (as a company) spend more than $600 with a company in a year you have to give them a 1099. If a company spends more than $600 with you in a year than they will give you a 1099. I'm not looking forward to this since my company has almost 100,000 customers that all spend more than $600/year with us. I'm just glad I'm not in the department that is going to have to take all of these in. |
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Posted: 7/21/2010 7:40:32 AM EDT
[#10]
Quoted:
Quoted:
Something I need to get explained about this law...any time I sell OR buy more than $600 worth of goods from a company, I have to file a 1099, right? Does that mean I have to fill out 1099s for grocery stores and Walmart? Or do they have to fill them out on me? I just gave an imaginary toast to the new underground economy these asshats have inadvertently created. Sons of bitches. If you (as a company) spend more than $600 with a company in a year you have to give them a 1099. If a company spends more than $600 with you in a year than they will give you a 1099. I'm not looking forward to this since my company has almost 100,000 customers that all spend more than $600/year with us. I'm just glad I'm not in the department that is going to have to take all of these in. So as an "independent contractor" doing website work, the guy I work for is going to have to file a 1099 on me. Yippee. |
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Posted: 7/21/2010 7:53:05 AM EDT
[#11]
Someone in GD got it right, back when this little rider was passed with the Health Care Bill. He said this will be a Tsunami of paperwork that will overwhelm the US economy.
This appears to be nickle and dime BS but it will jack up the price of everything to pay for the book keeping, the printing, the paper, the handling and the mailing of all those extra 1099s. |
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Posted: 7/21/2010 7:54:26 AM EDT
[#12]
I predict massive non-compliance. Some businesses, like the above poster, will have literally 100,000s of 1099s to deal with. If they can't afford to hire someone to deal with them, they either just won't or will go under.
Some businesses would be forced to move to larger quarters just to store their tax records. Imagine how big of a pile 100,000 1099s is. Now imagine 7 years worth.  The postal carriers are going to love this. ETA: This is two reams of paper. I estimate 100,000 1099s to be TWO THOUSAND REAMS of paper.  |
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Posted: 7/21/2010 7:57:18 AM EDT
[#13]
Yep, I predict a rise in "cash discount" with no receipt transactions.
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Posted: 7/21/2010 8:19:48 AM EDT
[#14]
Quoted:
Okay, I stand corrected.
Quoted:
BHO is struggling in trying to pay for his health care reforms. this ain't to pay for healthcare.... really, the dumb fucker has no fucking clue, other than to destroy the enemy of his religion. us. TXL |
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Posted: 7/21/2010 8:22:01 AM EDT
[#15]
Quoted:
I predict massive non-compliance. Some businesses, like the above poster, will have literally 100,000s of 1099s to deal with. If they can't afford to hire someone to deal with them, they either just won't or will go under. Some businesses would be forced to move to larger quarters just to store their tax records. Imagine how big of a pile 100,000 1099s is. Now imagine 7 years worth. The postal carriers are going to love this. ETA: This is two reams of paper. I estimate 100,000 1099s to be TWO THOUSAND REAMS of paper. I'm asking for the responsible people to file our taxes in paper form. I would love for the feds to receive the two thousand reams of paper. |
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Posted: 7/21/2010 8:24:47 AM EDT
[#16]
So if I as an individual sell a Television to another individual worth over $600 I would have to fill out a 1099 for that transaction?
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Posted: 7/21/2010 8:32:25 AM EDT
[#17]
Quoted:
So if I as an individual sell a Television to another individual worth over $600 I would have to fill out a 1099 for that transaction? It is my understanding that this is limited to businesses. |
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Posted: 7/21/2010 8:34:20 AM EDT
[#18]
Quoted:
So if I as an individual sell a Television to another individual worth over $600 I would have to fill out a 1099 for that transaction? No. Biz-to-biz or individual-sells-to-biz transactions only. |
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Posted: 7/21/2010 8:34:43 AM EDT
[#19]
Quoted:
So if I as an individual sell a Television to another individual worth over $600 I would have to fill out a 1099 for that transaction? That's a good question. It appears that the law only refers to businesses doing business with other businesses but don't quote me on that. It wouldn't surprise me if it does apply to everyone though. The stickler is that the seller and buyer have to trade Tax ID information to successfully give each other 1099s. If it does apply to individuals you will need to get their social security number to do it right. I don't see people freely giving out the SS number just to buy or sell a used TV. |
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Posted: 7/21/2010 9:34:33 AM EDT
[#20]
It's already been said, this is the foundation for imposing a GST on the US.
On the bright side, anyone who voted for this bill owns it. No excuses, none of them could say they did not know it was in the bill. |
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Posted: 7/21/2010 9:37:16 AM EDT
[#21]
Quoted:
It's already been said, this is the foundation for imposing a GST on the US. On the bright side, anyone who voted for this bill owns it. No excuses, none of them could say they did not know it was in the bill. GST? |
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Posted: 7/21/2010 9:38:52 AM EDT
[#22]
BLACK MARKET FTW!
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Posted: 7/21/2010 9:42:22 AM EDT
[#23]
Quoted:
Quoted:
It's already been said, this is the foundation for imposing a GST on the US. On the bright side, anyone who voted for this bill owns it. No excuses, none of them could say they did not know it was in the bill. GST? Oops, not Goods and Services Tax, but a VAT. |
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Posted: 7/21/2010 9:42:59 AM EDT
[#24]
Quoted:
Quoted:
Quoted:
It's already been said, this is the foundation for imposing a GST on the US. On the bright side, anyone who voted for this bill owns it. No excuses, none of them could say they did not know it was in the bill. GST? Oops, not Goods and Services Tax, but a VAT. I think you're right. |
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Posted: 7/21/2010 9:45:57 AM EDT
[#25]
so I just went back and read the healthcare reform bill and section 9006 is just a change to the 1986 IRS bill.
Just a few words touched this off - by inserting ‘‘amounts in consideration for property,’’ after ‘‘wages,’’ |
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Posted: 7/21/2010 10:13:44 AM EDT
[#26]
Quoted:
so I just went back and read the healthcare reform bill and section 9006 is just a change to the 1986 IRS bill. Just a few words touched this off - by inserting ‘‘amounts in consideration for property,’’ after ‘‘wages,’’ Actually, it was the words "Gross Proceeds" inserted into two places, one after ‘emoluments, or other’ and one after ‘setting forth the amount of such’ that did it. I like to refer to it as the Post Office, IRS Agent, Paper Manufacturer, Filing Cabinet Manufacturer and Printer Ink Producers Subsidy section of the Health Care disaster. |
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Posted: 7/21/2010 10:30:07 AM EDT
[#27]
Quoted:
Quoted:
so I just went back and read the healthcare reform bill and section 9006 is just a change to the 1986 IRS bill. Just a few words touched this off - by inserting ‘‘amounts in consideration for property,’’ after ‘‘wages,’’ Actually, it was the words "Gross Proceeds" inserted into two places, one after ‘emoluments, or other’ and one after ‘setting forth the amount of such’ that did it. I like to refer to it as the Post Office, IRS Agent, Paper Manufacturer, Filing Cabinet Manufacturer and Printer Ink Producers Subsidy section of the Health Care disaster. thanks! |
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Posted: 7/21/2010 10:46:00 AM EDT
[#28]
Quoted:
Someone in GD got it right, back when this little rider was passed with the Health Care Bill. He said this will be a Tsunami of paperwork that will overwhelm the US economy. This appears to be nickle and dime BS but it will jack up the price of everything to pay for the book keeping, the printing, the paper, the handling and the mailing of all those extra 1099s. The entire point is to get small businesses to reduce the number of deductions they claim by drowning them in paperwork. |
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Posted: 7/21/2010 1:58:06 PM EDT
[#29]
In effect it gives the IRS even more BATF style powers. Don't fall in line they will be able to dig up something, anything that is in violation of some law and bust you for it. Not that they can't already do this, but it gives yet another large obstacle for a business to trip on and get smeared by the feds, if they choose.
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Posted: 7/21/2010 2:03:19 PM EDT
[#30]
Quoted:
Quoted:
So if I as an individual sell a Television to another individual worth over $600 I would have to fill out a 1099 for that transaction? No. Biz-to-biz or individual-sells-to-biz transactions only. How do you define "biz"? I'm going to bet your definition and the ATF's disagree. Care to wager that you and the IRS agree? |
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Posted: 7/21/2010 2:04:46 PM EDT
[#31]
Quoted: http://abcnews.go.com/Business/gold-coin-dealers-decry-tax-law/story?id=11211611 Isn't this a bit much Sherrick? Isn't this sort of like getting change for a $100 bill, rather than "buying" something. No. Gold is property, not money. Therefore, selling gold isn't getting change, it's making a sale - likely a sale generating income (sale price - purchase price).... And thus it's taxable. |
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Posted: 7/21/2010 2:06:00 PM EDT
[#32]
Quoted: Something I need to get explained about this law...any time I sell OR buy more than $600 worth of goods from a company, I have to file a 1099, right? Does that mean I have to fill out 1099s for grocery stores and Walmart? Or do they have to fill them out on me? I just gave an imaginary toast to the new underground economy these asshats have inadvertently created. Sons of bitches. It's only for businesses - you don't have to give BestBuy a 1099 for the flatscreen TV you just bought. |
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Posted: 7/21/2010 2:07:07 PM EDT
[#33]
Quoted: Quoted: Quoted: Something I need to get explained about this law...any time I sell OR buy more than $600 worth of goods from a company, I have to file a 1099, right? Does that mean I have to fill out 1099s for grocery stores and Walmart? Or do they have to fill them out on me? I just gave an imaginary toast to the new underground economy these asshats have inadvertently created. Sons of bitches. If you (as a company) spend more than $600 with a company in a year you have to give them a 1099. If a company spends more than $600 with you in a year than they will give you a 1099. I'm not looking forward to this since my company has almost 100,000 customers that all spend more than $600/year with us. I'm just glad I'm not in the department that is going to have to take all of these in. So as an "independent contractor" doing website work, the guy I work for is going to have to file a 1099 on me. Yippee. He already does have to file a 1099 for THAT. Which is why independent contractors are often called 1099 employees. This expands it beyond such things, to track pretty much all business transactions where more than $600 changes hands. |
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Posted: 7/21/2010 2:08:12 PM EDT
[#34]
Quoted: I predict massive non-compliance. Some businesses, like the above poster, will have literally 100,000s of 1099s to deal with. If they can't afford to hire someone to deal with them, they either just won't or will go under. Some businesses would be forced to move to larger quarters just to store their tax records. Imagine how big of a pile 100,000 1099s is. Now imagine 7 years worth. The postal carriers are going to love this. ETA: This is two reams of paper. I estimate 100,000 1099s to be TWO THOUSAND REAMS of paper. You will have compliance, but 0% of those 1099s will be on physical paper. They will be archived as PDFs, and delivered to recipients by e-mail. |
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Posted: 7/21/2010 2:32:47 PM EDT
[#35]
Quoted:
Quoted:
Something I need to get explained about this law...any time I sell OR buy more than $600 worth of goods from a company, I have to file a 1099, right? Does that mean I have to fill out 1099s for grocery stores and Walmart? Or do they have to fill them out on me? I just gave an imaginary toast to the new underground economy these asshats have inadvertently created. Sons of bitches. It's only for businesses - you don't have to give BestBuy a 1099 for the flatscreen TV you just bought. Just use a CC and they will file for you. Speaking of 1099 reporting, the situation gets worse. Beginning in 2011, all credit card processing companies must report annual credit card transactions in excess of $20,000 and 200 transactions submitted to them for processing by any business on a new IRS form 1099-K. I thought there would be overlap, but just as I fretted about this possibility, the IRS came up with a solution. So pay attention! If you pay for purchases with a credit or debit card, you are not required to issue a 1099. The credit card companies will do so. No overlap after all. You are only required to issue 1099s for payments made via check or cash. So I won't have to ask Office Depot for its federal ID after all. Because the format of form 1099 will change, we will all have to purchase the upgraded version of QuickBooks or whatever software is used for accounting and 1099 preparation. |
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Posted: 7/21/2010 2:47:30 PM EDT
[#36]
So how do employers using illegals avoid paying employee taxes? Even paying cash seems improbable if their off-the-books payroll is large enough. And red flags would go up at so many 1099s being issued from a construction or production company for contract labor; especially if the issued 1099s aren't being filed as part of an individual tax return.
Or are the numbers just too large? Just curious. |
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Posted: 7/21/2010 2:59:55 PM EDT
[#37]
Quoted:
Quoted:
http://abcnews.go.com/Business/gold-coin-dealers-decry-tax-law/story?id=11211611 Isn't this a bit much Sherrick?
Isn't this sort of like getting change for a $100 bill, rather than "buying" something. No. Gold is property, not money. Therefore, selling gold isn't getting change, it's making a sale - likely a sale generating income (sale price - purchase price).... And thus it's taxable. WRONG silver american eagles and canadian maples have a currency value. gold eagles and buffalos also have a face value as do many other BULLION from other countries.. now if you actually try to buy something with the face value then you are a IDIOT because the GOLD content is worth more. please get your facts correct before spewing your garbage |
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Posted: 7/21/2010 3:03:08 PM EDT
[#38]
Quoted:
Quoted:
I predict massive non-compliance. Some businesses, like the above poster, will have literally 100,000s of 1099s to deal with. If they can't afford to hire someone to deal with them, they either just won't or will go under. Some businesses would be forced to move to larger quarters just to store their tax records. Imagine how big of a pile 100,000 1099s is. Now imagine 7 years worth. The postal carriers are going to love this. ETA: This is two reams of paper. I estimate 100,000 1099s to be TWO THOUSAND REAMS of paper. You will have compliance, but 0% of those 1099s will be on physical paper. They will be archived as PDFs, and delivered to recipients by e-mail. Once again you presume good sense and will from the government. If you were less consistent I'd brand you a troll. |
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Posted: 7/21/2010 3:06:29 PM EDT
[#39]
I think this whole thing is just to help out the Postal Service. Think of all the paperwork and mailing this generates, that has to be mailed to individuals and companies.
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Posted: 7/21/2010 3:09:53 PM EDT
[#40]
Quoted: Pretty sure that's what the "A" stands for.Quoted: Quoted: I predict massive non-compliance. Some businesses, like the above poster, will have literally 100,000s of 1099s to deal with. If they can't afford to hire someone to deal with them, they either just won't or will go under. Some businesses would be forced to move to larger quarters just to store their tax records. Imagine how big of a pile 100,000 1099s is. Now imagine 7 years worth. The postal carriers are going to love this. ETA: This is two reams of paper. I estimate 100,000 1099s to be TWO THOUSAND REAMS of paper. You will have compliance, but 0% of those 1099s will be on physical paper. They will be archived as PDFs, and delivered to recipients by e-mail. Once again you presume ASSUME good sense and will from the government. If you were less consistent I'd brand you a troll. |
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Posted: 7/21/2010 3:11:57 PM EDT
[#41]
Quoted:
Quoted:
I predict massive non-compliance. Some businesses, like the above poster, will have literally 100,000s of 1099s to deal with. If they can't afford to hire someone to deal with them, they either just won't or will go under. Some businesses would be forced to move to larger quarters just to store their tax records. Imagine how big of a pile 100,000 1099s is. Now imagine 7 years worth. The postal carriers are going to love this. ETA: This is two reams of paper. I estimate 100,000 1099s to be TWO THOUSAND REAMS of paper. You will have compliance, but 0% of those 1099s will be on physical paper. They will be archived as PDFs, and delivered to recipients by e-mail. Never in my life have I received solely an electronic 1099. Always got paper ones. Is it legal to send solely electronic tax forms? |
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Posted: 7/21/2010 3:12:52 PM EDT
[#42]
I suppose it really depends on where, and to whom you sell.
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Posted: 7/21/2010 3:16:38 PM EDT
[#43]
Will this tie into the crack down on Ebay sellers who don't report income. Could the IRS go after Paypal to report all transfers of $600 or more? Since Ebay and Paypal are tied together with a little work the IRS could find out about transactions of $600 or more that were due to an item being sold.
Ebay is kinda of a black market with taxes right now. |
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Posted: 7/21/2010 3:19:48 PM EDT
[#44]
Any "way out" will be shuttered.
Gold is a way out of the planned destruction of the dollar. If you didn't see this coming, you're not very smart. That being said, if you have interest in buying, buy now. Personally, I don't have any gold. I lost it all in the boating accident with all my guns and ammo... |
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Posted: 7/21/2010 3:30:31 PM EDT
[#45]
Quoted:
Quoted:
http://abcnews.go.com/Business/gold-coin-dealers-decry-tax-law/story?id=11211611 Isn't this a bit much Sherrick?
Isn't this sort of like getting change for a $100 bill, rather than "buying" something. No. Gold is property, not money. Therefore, selling gold isn't getting change, it's making a sale - likely a sale generating income (sale price - purchase price).... And thus it's taxable. But....only the profit would be taxable. Therefore: if a gold coin is sold for $50 over spot price....and say gold stays stable, no change in price for a week; then the selling company only makes $50 on the sale. Would that still generate a 1099? |
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Posted: 7/21/2010 7:07:21 PM EDT
[#46]
Quoted:
Just use a CC and they will file for you. Speaking of 1099 reporting, the situation gets worse. Beginning in 2011, all credit card processing companies must report annual credit card transactions in excess of $20,000 and 200 transactions submitted to them for processing by any business on a new IRS form 1099-K. I thought there would be overlap, but just as I fretted about this possibility, the IRS came up with a solution. So pay attention! If you pay for purchases with a credit or debit card, you are not required to issue a 1099. The credit card companies will do so. No overlap after all. You are only required to issue 1099s for payments made via check or cash. So I won't have to ask Office Depot for its federal ID after all. Because the format of form 1099 will change, we will all have to purchase the upgraded version of QuickBooks or whatever software is used for accounting and 1099 preparation. Some businesses don't take CC's as the transaction processing fees aren't worth it. Others upcharge 3-4% if you pay by CC. We write a lot of checks. Neil Boortz ranted about this yesterday. |
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Posted: 7/21/2010 7:37:16 PM EDT
[#47]
Non compliance will be the order of the day. Hell, the feds can't even control the borders, besides the rule of law is dead, the federal government has killed it themselves by cherrypicking the laws they want to enforce. It is on display daily and the population can see it, breeding contempt and loathing for the hypacritical stupidity of it all.
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Posted: 7/21/2010 7:46:02 PM EDT
[#48]
Quoted: Quoted: Quoted: http://abcnews.go.com/Business/gold-coin-dealers-decry-tax-law/story?id=11211611 Isn't this a bit much Sherrick? Isn't this sort of like getting change for a $100 bill, rather than "buying" something. No. Gold is property, not money. Therefore, selling gold isn't getting change, it's making a sale - likely a sale generating income (sale price - purchase price).... And thus it's taxable. But....only the profit would be taxable. Therefore: if a gold coin is sold for $50 over spot price....and say gold stays stable, no change in price for a week; then the selling company only makes $50 on the sale. Would that still generate a 1099? Yes. 1099s are a reporting requirement - the 'what is/is not taxable' part is worked out later. |
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Posted: 7/21/2010 7:46:54 PM EDT
[#49]
Quoted: Any "way out" will be shuttered. Gold is a way out of the planned destruction of the dollar. If you didn't see this coming, you're not very smart. That being said, if you have interest in buying, buy now. Personally, I don't have any gold. I lost it all in the boating accident with all my guns and ammo...  'Planned destruction of the dollar' is lunacy. Destroying the USD doesn't gain anyone anything... Alternatives to USD dominance, OTOH, are a threat & it's nice to see them fail. |
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Posted: 7/21/2010 7:47:33 PM EDT
[#50]
I'm not sure of the implications of all this yet, but if it is as complex as I think it is going to be, and as comprehensive - I'm not reporting shit.
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