Congress Repeals 1099 Reporting - Coin Community Forum

To participate in the forum you must log in or register.

Author	Replies: 6 / Views: 1,800
biggfredd Rest in Peace United States 9104 Posts	Posted 04/12/2011 1:38 pm Part of Obamacare was that everyone would have to make a 1099 for everyone who they did more than $600 a year business with. Like a half ounce of gold, a roll of dollars, a nice svdb, etc. *** below stolen from ASM ** Congress has voted to repeal the 1099 filing requirement for businesses who purchase $600 or more of goods from a vendor in a given tax year. It now heads to the President for signing. It also includes a repeal of the new filing requirement for landlords. source: http://boss.blogs.nytimes.com/2011/...white-house/ This was passed by congress on April 5th and sent to the President's desk on Apr. 6th, but still hasn't been signed yet by the President. You can track the status at http://www.govtrack.us/congress/bil...?bill=h112-4 At the following links you can view how your state's members of congress voted: House of Representatives - http://www.govtrack.us/congress/vot...te=h2011-162 Senate - http://www.govtrack.us/congress/vot...ote=s2011-49 Report this Post to the Staff

rjkingston Pillar of the Community United States 642 Posts	Posted 04/12/2011 1:44 pm Wow, I was under the impression it had already been fully repealed. I'll keep watching. Report this Post to the Staff
w1a9c8k5 Pillar of the Community United States 1348 Posts	Posted 04/12/2011 2:03 pm Thats crazy. Would cuase a lot of red tape! Report this Post to the Staff
Wei Fun Valued Member United States 244 Posts	Posted 04/12/2011 7:45 pm The moral of the story is to never trust too much power to government. 2000+ pages of health care law, what do you expect, they're all going to be beneficial? We'll be darned lucky if any of it is positive. The sad part of the 1099 provision is that almost certainly the backers knew how horrible it was going to be, and that it would be quickly repealed. So they could claim hypothetical savings to make their law look revenue-neutral, and know it would ultimately never impact anyone. Report this Post to the Staff
just carl Bedrock of the Community United States 20753 Posts	Posted 04/12/2011 8:08 pm I assume that would include the millions and millions of people that sell at flea markets, coin shows, gun shows, knife shows, computer shows, camera shows and on and on and on. I only saw one person in the last maybe 20+ years writting down info about a sales. I really don't see how any law such as this one would make any difference to those that don't report anything at all. Report this Post to the Staff
BadThad Bedrock of the Community United States 19937 Posts	Posted 04/12/2011 8:19 pm AMEN! Lincoln Cent Lover! VERDI-CARE™ INVENTOR https://verdi.care/ Report this Post to the Staff
carmykle Pillar of the Community United States 2448 Posts	Posted 04/13/2011 12:56 pm Well done laddies and Gentlemen! I forwarded 4 letters myself! The squeaky wheel will always get the most grease. Keep our hobby...our hobby! Report this Post to the Staff
	Replies: 6 / Views: 1,800

To participate in the forum you must log in or register.

All Forums Category: General Numismatic Forums Forum: Main Coin Forum

Silver Gold Bull US is the United States leading bullion dealer. We deliver gold coins, gold bars, silver coins, silver bars and precious metals to your door. Order today!

The First Dollar, your premier source for bullion and rare coins. See our bullion list on the site and the coin inventory on ebay.

View Last 100 New Topics

View Last 100 Active Topics

Disclaimer: While a tremendous amount of effort goes into ensuring the accuracy of the information contained in this site, Coin Community assumes no liability for errors. Copyright 2005 - 2026 Coin Community Family- all rights reserved worldwide. Use of any images or content on this website without prior written permission of Coin Community or the original lender is strictly prohibited.
Contact Us | Advertise Here | Privacy Policy / Terms of Use

Coin Community Forum

It took 0.32 seconds to rattle this change.