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 Replies: 35 / Views: 12,755 |
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Pillar of the Community
United States
1882 Posts |
Quote:
I see a lot of $599 dollar coins in my future. This does not affect an individual (someone not in the business) who buys coins. It is a reporting requirment for those who are in the coin business that BUY coins. The $600 threshold is an annual threshold. If an individual (non-dealer) sells more than $600 in coins/bullion to a (complying) dealer, that individual would receive a 1099 at the end of the year. When (complying) dealers buy coins, they would be requesting the sellers provide them an SSN (or Federal ID number) using form W9. Compliance would be enforced the same way 1099's are currently...random audits of businesses. The penalty for failing to file 1099's is $50 per form. This does not create any new taxes. But like I said earlier, I think it is crazy. |
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Rest in Peace
United States
5375 Posts |
So random people likely would not be affected, just made to fill out forms to keep track of businesses? I wonder if this is really going to get through...
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Pillar of the Community
United States
1882 Posts |
Quote:
So random people likely would not be affected, just made to fill out forms to keep track of businesses? If all this random person (not someone in the coin business) does is BUY coins, they will not have to fill out any forms, and they won't receive any forms either. |
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Pillar of the Community
United States
581 Posts |
My understanding is that this $600 thing has existed for a long time. It's just been ignored.
And it will continue to be so.
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Rest in Peace
United States
5375 Posts |
Good news, then. I'm a major hoarder : )
As for selling, I'm not sure what implications that will have. We'll see what happens with this.
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Bedrock of the Community
United States
20753 Posts |
As usual there are many, many laws about many, many things that are ignored or no one pays attention to. There are already laws everywhere for sales taxes that are basically ignored. Ever go to a flea market and see anyone thinking about taxes? At least not by me. Same at the many coin, stamp, card, car, gun, knife, computer, camera shows here too. I go to most of them and so far no one worries about taxes. Yes there are a few that work out of a store that also sell at these places so they keep records. Other than that, the government can pass as many laws as they want but if ignored, then what?
In many large cities the beggars on corners make more than a lot of other people by great amounts and no taxes.
If you look around you'll see sales of all kinds being made all the time and no worries about taxes and any new laws either.
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Valued Member
United States
327 Posts |
You guys are sapping my Patriotic Spirit with your negative, defeatist attitude. After all, the Dear Leader is only ensuring that the greedy are paying their fair share of taxes so all can enjoy the benefits of our great society.
Don't make me bring this forward to the People's Council for Proper Conduct and Thinking.
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Pillar of the Community
555 Posts |
More paperwork is exactly what is NOT needed by small business.
Edited by Neil
07/08/2010 09:49 am
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Valued Member
United States
103 Posts |
so many loopholes it will be ignored. I wouldn't worry to much.
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Valued Member
United States
432 Posts |
The only way they will get compliance on this new tax crap is if someone uses a check or electronic payments. Cash payments will slip through.
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Pillar of the Community
United States
651 Posts |
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Pillar of the Community
United States
592 Posts |
It is the beginning of the V.A.T. , just like the socialist workers paradise to the north,Canada.
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Pillar of the Community
United States
1882 Posts |
I was talking to someone with a tax practice about this, and he doesn't believe the law ended up as it was originally planned. As it is, a business would have to issue a 1099 to Staples if they spend more than $600 at the store. Another example: a delivery company with drivers carrying Chevron cards? A 1099 to every different dealer that owns a Chevron station. How about business having to issue a 1099's to American Airlines for plane tickets?
The IRS would be overwhelmed by this.
I bet the law will be revised...but even then it would most likely still apply to coin dealers buying coins (cost of goods sold).
Edited by steve199
07/13/2010 6:48 pm
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Moderator
 United States
16679 Posts |
I knew this was coming. Hopefully in 2012, we can reverse some of this damage.
swcoin.ecrater.com
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Pillar of the Community
United States
3294 Posts |
Why wait for 2012? Midterm elections are in 2010 and all 435 reps get to participate in that.
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Replies: 35 / Views: 12,755 |
First Page
Posted 07/01/2010 10:21 pm
