<<Let's be realistic here, these guys dont report even 1/2 of thier real income. If you think that is not a true statement, time to take your head out of the sand. >>
Stereotype maybe?
Guys walking around with cash to buy things. Wow, is this something NEW???
I don't think you can infer that someone with a lot of cash on hand does not properly report his income
Longacre, you won't get an argument from me on this, nor did I make this inference. It's just that the OP seems to think these so called 'contractors' are like a modern-day anti-Christ and didn't say anything negative about anyone else involved in numismatics.
In your opinion, what percentage of people who people sell coins over the internet and / or set up at local or regional shows intentionally under-report their income? Personally, I don't want to know.
"Vou invadir o Nordeste, "Seu cabra da peste, "Sou Mangueira......."
<< <i>I don't think you can infer that someone with a lot of cash on hand does not properly report his income
Longacre, you won't get an argument from me on this, nor did I make this inference. It's just that the OP seems to think these so called 'contractors' are like a modern-day anti-Christ and didn't say anything negative about anyone else involved in numismatics.
In your opinion, what percentage of people who people sell coins over the internet and / or set up at local or regional shows intentionally under-report their income? Personally, I don't want to know. >>
I agree. I think there is a lot of under-reporting-- both intentional and unintentional.
Always took candy from strangers Didn't wanna get me no trade Never want to be like papa Working for the boss every night and day --"Happy", by the Rolling Stones (1972)
The AML (Anti Money Laundering) rules for jewelry and bullion dealers has already gone into affect as of January 1, 2006. If a dealer does not have a written policy they are in violation at this very moment. If the dealer has a written policy and is not following it in practice there is a violation.
SAR's, limits on cash transaction, these are all facts and a reality NOW.
Post 9/11 the world is a different and probably not a better place. It sure has made conducting business more complex and increased the government's surveilance over everything, whether terrorist related or not.
I too usually pay with cash or sell for cash. But it's a different ballgame and getting harder all the time. I doubt there has been any sort of audit or crackdown on the coin industry yet, but it will happen any day. Guaranteed!!!
If your a dealer you better have the policy in place and be working towards following what it spells out. And if you are a customer or client and things seem different when using cash or attempting too, be open-minded about it. The seller is just trying to abide by the law, which is frankly becoming ever more obtrusive in our daily lives.
I love cash too. Pay your fair share to Uncle Sam and spend the rest on coins.
I probably unfairly labeled Contractors as the only violators, I should have expanded it to all owners of cash businesses. One sale gets rung up on the register, and the next gets put in the pocket. Ready for the next coin show!!!
Seriously, all of you forum members, I personally know many contractors that play fair. They admit that many others don't.
When lived in Reno it was not uncommon to walk around with 3-4 thousand in cash just in case I ran into a hot black jack table or not, I always pay cash for coins or bullion I feel that the dealer usually will give a cash discount.
Comments
Besides, why do you think it is easier to "hide" the bullion rather than just hide the cash you already have?
Stereotype maybe?
Guys walking around with cash to buy things. Wow, is this something NEW???
Longacre, you won't get an argument from me on this, nor did I make this inference. It's just that the OP seems to think these so called 'contractors' are like a modern-day anti-Christ and didn't say anything negative about anyone else involved in numismatics.
In your opinion, what percentage of people who people sell coins over the internet and / or set up at local or regional shows intentionally under-report their income? Personally, I don't want to know.
"Seu cabra da peste,
"Sou Mangueira......."
<< <i>I don't think you can infer that someone with a lot of cash on hand does not properly report his income
Longacre, you won't get an argument from me on this, nor did I make this inference. It's just that the OP seems to think these so called 'contractors' are like a modern-day anti-Christ and didn't say anything negative about anyone else involved in numismatics.
In your opinion, what percentage of people who people sell coins over the internet and / or set up at local or regional shows intentionally under-report their income? Personally, I don't want to know. >>
I agree. I think there is a lot of under-reporting-- both intentional and unintentional.
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
SAR's, limits on cash transaction, these are all facts and a reality NOW.
Post 9/11 the world is a different and probably not a better place. It sure has made conducting business more complex and increased the government's surveilance over everything, whether terrorist related or not.
I too usually pay with cash or sell for cash. But it's a different ballgame and getting harder all the time. I doubt there has been any sort of audit or crackdown on the coin industry yet, but it will happen any day. Guaranteed!!!
If your a dealer you better have the policy in place and be working towards following what it spells out. And if you are a customer or client and things seem different when using cash or attempting too, be open-minded about it. The seller is just trying to abide by the law, which is frankly becoming ever more obtrusive in our daily lives.
Website-Americana Rare Coin Inc
I probably unfairly labeled Contractors as the only violators, I should have expanded it to all owners of cash businesses. One sale gets rung up on the register, and the next gets put in the pocket. Ready for the next coin show!!!
Seriously, all of you forum members, I personally know many contractors that play fair. They admit that many others don't.