I am sure a lot of doctors, attorneys, consultants, and commercial real estate rental owners are happy, because that's type of income that will not be reported and the rest of us will have to make up for. Buying or selling inventory for resale was NEVER part of the new rules, despite much misinformation being spread.
Years ago, many doctors and attorneys formed CORPORATIONS (LLC or Subchapter S) to avoid having their income reported to the government. The 1099 provision was to close the loophole for these one person and small group "corporations" that allowed them to "be on their honor" to report all of their income.
Frank Provasek - PCGS Authorized Dealer, Life Member ANA, Member TNA. www.frankcoins.com
<< <i>Buying or selling inventory for resale was NEVER part of the new rules, despite much misinformation being spread. >>
Everyone that spoke of the bill in numismatics was certainly of that opinion, Frank, that we would all have to produce 1000's of forms. Do you have a source for your above statement? Many thanx.
PNG member, numismatic dealer since 1965. Operates a retail store, also has exhibited at over 1000 shows. I firmly believe in numismatics as the world's greatest hobby, but recognize that this is a luxury and without collectors, we can all spend/melt our collections/inventories.
<< <i>Buying or selling inventory for resale was NEVER part of the new rules, despite much misinformation being spread. >>
Everyone that spoke of the bill in numismatics was certainly of that opinion, Frank, that we would all have to produce 1000's of forms. Do you have a source for your above statement? Many thanx. >>
And all of those quotes could be traced from a single Cato Institute white paper on what "might" happen. From that followed the manufactured "outrage" spread on talk radio, always followed by "snuck into the health care bill that Obama crammed down our throats"
The IRS public affairs office assured me this is not true, and I even met with the Fort Worth based RIA-Thomson company that prepares CPA certification in conjunction with the IRS, who provided me with this page from the IRS approved training manual for CPAs. The material was forwarded to Eloise Ulman of ICTA (I am a member) and the ANA board, who simply chose to believe Rush Limbaugh and Glen Beck instead.
Of course, coin dealers profited from spreading this rumor - many fearful clients exchanged one ounce gold coins for perhaps 7 or 8 one-tenth ounce supposedly "unreportable" coins.
Frank Provasek - PCGS Authorized Dealer, Life Member ANA, Member TNA. www.frankcoins.com
Having to give out your Social Security number to many, many businesses and individuals is sure fire way to increase identity theft. Why can’t the members of Congress understand that? Perhaps the answer is they don’t care.
Retired dealer and avid collector of U.S. type coins, 19th century presidential campaign medalets and selected medals. In recent years I have been working on a set of British coins - at least one coin from each king or queen who issued pieces that are collectible. I am also collecting at least one coin for each Roman emperor from Julius Caesar to ... ?
<< <i>Having to give out your Social Security number to many, many businesses and individuals is sure fire way to increase identity theft. Why can’t the members of Congress understand that? Perhaps the answer is they don’t care. >>
The answer is really "because they are privileged and don't have to do things like most of us 'commoners'. They don't worry about the impact of things like this". When was the last time you heard of someone in congress having to deal with ID theft?
<< <i>Buying or selling inventory for resale was NEVER part of the new rules, despite much misinformation being spread. >>
Everyone that spoke of the bill in numismatics was certainly of that opinion, Frank, that we would all have to produce 1000's of forms. Do you have a source for your above statement? Many thanx. >>
CNN Money.com states that buying inventory is included in the 1099 requirement:
"Beginning in 2012, all companies will have to issue a 1099 IRS form not only to contracted workers, as they now must do, but also to individuals or corporations from which they buy more than $600 in goods or services in a year.
The 1099 form is used to document income for individual workers other than wages and salaries: Freelancers get them and businesses send them out.
Under the health care law, the 1099 form would be used to track payments for services and tangible goods. Also, it requires that 1099s be issued not just to individuals, but to corporations as well."
<< <i> CNN Money.com states that buying inventory is included in the 1099 requirement:
"Beginning in 2012, all companies will have to issue a 1099 IRS form not only to contracted workers, as they now must do, but also to individuals or corporations from which they buy more than $600 in goods or services in a year. >>
Nope. Sales and inventory costs are reported on Schedule C , never 1099. The "goods and services" for 1099 reporting are your accountant, your lawyer, copy paper, carpet cleaning services, etc.
Frank Provasek - PCGS Authorized Dealer, Life Member ANA, Member TNA. www.frankcoins.com
<< <i> CNN Money.com states that buying inventory is included in the 1099 requirement:
"Beginning in 2012, all companies will have to issue a 1099 IRS form not only to contracted workers, as they now must do, but also to individuals or corporations from which they buy more than $600 in goods or services in a year. >>
Nope. Sales and inventory costs are reported on Schedule C , never 1099. The "goods and services" for 1099 reporting are your accountant, your lawyer, copy paper, carpet cleaning services, etc. >>
It is my understanding that they would be reported on both. The $600 paid to a walk-in customer for a coin would be treated as income by him on HIS form 1040 and an expense by you on YOUR Schedule C. The form 1099 is to make sure that he does report it on his 1040.
TD
Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
It is my understanding that any purchase conducted electronically (paypal, credit card) was not going to require a 1099 from the buyer (to the IRS) because the electronic transaction itself would be reported separately. Also the arugment for the new law is to generate more income (taxes). These are not new taxes. They are taxes currently not being paid on unreported income because the IRS fails to enforce existing tax law and collect taxes due. Purpose of the new 1099 was to have buyers do the IRS's job and report sellers to the IRS on transactions $600 or greater. With the added fear that a buyer might report income that would otherwise not be reported by a seller, the IRS hopes to motivate sellers to start reporting income they would otherwise not report. Taxes are only due on income reported, or on income found to have been hidden from reporting requirements. Identifiying this unreported income is the whole purpose of the new law.
The only way to make an economic system truly stable is to permit the free market to take over.
<< <i>I dont' think its so much the reporting as much as the costs involved in requiring the reporting for businesses. >>
Plus, requiring everyone's social security number for the 1099's is a security nightmare, and getting sellers to give you their SSN will in many cases be difficult or impossible.
An authorized PCGS dealer, and a contributor to the Red Book.
I am not going to give out my social security number to every Tom Dick and Harry, that is for sure. I just wont bother doing any transactions for $600.
<< <i>Buying or selling inventory for resale was NEVER part of the new rules, despite much misinformation being spread. >>
Everyone that spoke of the bill in numismatics was certainly of that opinion, Frank, that we would all have to produce 1000's of forms. Do you have a source for your above statement? Many thanx. >>
And all of those quotes could be traced from a single Cato Institute white paper on what "might" happen. From that followed the manufactured "outrage" spread on talk radio, always followed by "snuck into the health care bill that Obama crammed down our throats"
The IRS public affairs office assured me this is not true, and I even met with the Fort Worth based RIA-Thomson company that prepares CPA certification in conjunction with the IRS, who provided me with this page from the IRS approved training manual for CPAs. The material was forwarded to Eloise Ulman of ICTA (I am a member) and the ANA board, who simply chose to believe Rush Limbaugh and Glen Beck instead.
Of course, coin dealers profited from spreading this rumor - many fearful clients exchanged one ounce gold coins for perhaps 7 or 8 one-tenth ounce supposedly "unreportable" coins.
>>
Frankcoins, everything in the healthcare law was "snuck into the health care bill that Obama crammed down our throats," including the new 1099 provision, which is just another reason we should eliminate the income tax and go to the fair tax.
anoldgoat
Posts: 1,493 ✭✭✭
Comments
bob
Years ago, many doctors and attorneys formed CORPORATIONS (LLC or Subchapter S) to avoid having their income reported to the government. The 1099 provision was to close the loophole for these one person and small group "corporations" that allowed them to "be on their honor" to report all of their income.
<< <i>Buying or selling inventory for resale was NEVER part of the new rules, despite much misinformation being spread. >>
Everyone that spoke of the bill in numismatics was certainly of that opinion, Frank, that we would all have to produce 1000's of forms. Do you have a source for your above statement? Many thanx.
I firmly believe in numismatics as the world's greatest hobby, but recognize that this is a luxury and without collectors, we can all spend/melt our collections/inventories.
eBaystore
<< <i>
<< <i>Buying or selling inventory for resale was NEVER part of the new rules, despite much misinformation being spread. >>
Everyone that spoke of the bill in numismatics was certainly of that opinion, Frank, that we would all have to produce 1000's of forms. Do you have a source for your above statement? Many thanx. >>
And all of those quotes could be traced from a single Cato Institute white paper on what "might" happen. From that followed the manufactured "outrage" spread on talk radio, always followed by "snuck into the health care bill that Obama crammed down our throats"
The IRS public affairs office assured me this is not true, and I even met with the Fort Worth based RIA-Thomson company that prepares CPA certification in conjunction with the IRS, who provided me with this page from the IRS approved training manual for CPAs. The material was forwarded to Eloise Ulman of ICTA (I am a member) and the ANA board, who simply chose to believe Rush Limbaugh and Glen Beck instead.
Of course, coin dealers profited from spreading this rumor - many fearful clients exchanged one ounce gold coins for perhaps 7 or 8 one-tenth ounce supposedly "unreportable" coins.
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
<< <i>I have nothing good to say about what this government has been doing and is doing to us or those who support it >>
Isn't this a U.S. coin forum? Why do you think anyone would care about your political views here?
<< <i>Having to give out your Social Security number to many, many businesses and individuals is sure fire way to increase identity theft. Why can’t the members of Congress understand that? Perhaps the answer is they don’t care. >>
The answer is really "because they are privileged and don't have to do things like most of us 'commoners'. They don't worry about the impact of things like this". When was the last time you heard of someone in congress having to deal with ID theft?
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
<< <i>I have nothing good to say about what this government has been doing and is doing to us or those who support it >>
I agree completely.
<< <i>
<< <i>Buying or selling inventory for resale was NEVER part of the new rules, despite much misinformation being spread. >>
Everyone that spoke of the bill in numismatics was certainly of that opinion, Frank, that we would all have to produce 1000's of forms. Do you have a source for your above statement? Many thanx. >>
CNN Money.com states that buying inventory is included in the 1099 requirement:
"Beginning in 2012, all companies will have to issue a 1099 IRS form not only to contracted workers, as they now must do, but also to individuals or corporations from which they buy more than $600 in goods or services in a year.
The 1099 form is used to document income for individual workers other than wages and salaries: Freelancers get them and businesses send them out.
Under the health care law, the 1099 form would be used to track payments for services and tangible goods. Also, it requires that 1099s be issued not just to individuals, but to corporations as well."
Here is a link to the full article:
1099 Bill per CNN Money.com
An authorized PCGS dealer, and a contributor to the Red Book.
<< <i>
CNN Money.com states that buying inventory is included in the 1099 requirement:
"Beginning in 2012, all companies will have to issue a 1099 IRS form not only to contracted workers, as they now must do, but also to individuals or corporations from which they buy more than $600 in goods or services in a year.
>>
Nope. Sales and inventory costs are reported on Schedule C , never 1099. The "goods and services" for 1099 reporting are your accountant, your lawyer, copy paper, carpet cleaning services, etc.
<< <i>
<< <i>
CNN Money.com states that buying inventory is included in the 1099 requirement:
"Beginning in 2012, all companies will have to issue a 1099 IRS form not only to contracted workers, as they now must do, but also to individuals or corporations from which they buy more than $600 in goods or services in a year.
>>
Nope. Sales and inventory costs are reported on Schedule C , never 1099. The "goods and services" for 1099 reporting are your accountant, your lawyer, copy paper, carpet cleaning services, etc. >>
It is my understanding that they would be reported on both. The $600 paid to a walk-in customer for a coin would be treated as income by him on HIS form 1040 and an expense by you on YOUR Schedule C. The form 1099 is to make sure that he does report it on his 1040.
TD
The only way to make an economic system truly stable is to permit the free market to take over.
Box of 20
<< <i>I dont' think its so much the reporting as much as the costs involved in requiring the reporting for businesses. >>
Plus, requiring everyone's social security number for the 1099's is a security nightmare, and getting sellers to give you their SSN will in many cases be difficult or impossible.
An authorized PCGS dealer, and a contributor to the Red Book.
I am not going to give out my social security number to every Tom Dick and Harry, that is for sure. I just wont bother doing any transactions for $600.
<< <i>
<< <i>I have nothing good to say about what this government has been doing and is doing to us or those who support it >>
Isn't this a U.S. coin forum? Why do you think anyone would care about your political views here? >>
He's banging the drum slowly.
Repeatedly.
Ad naseum.
The entertainment can never be overdressed....except in burlesque
<< <i>
<< <i>
<< <i>Buying or selling inventory for resale was NEVER part of the new rules, despite much misinformation being spread. >>
Everyone that spoke of the bill in numismatics was certainly of that opinion, Frank, that we would all have to produce 1000's of forms. Do you have a source for your above statement? Many thanx. >>
And all of those quotes could be traced from a single Cato Institute white paper on what "might" happen. From that followed the manufactured "outrage" spread on talk radio, always followed by "snuck into the health care bill that Obama crammed down our throats"
The IRS public affairs office assured me this is not true, and I even met with the Fort Worth based RIA-Thomson company that prepares CPA certification in conjunction with the IRS, who provided me with this page from the IRS approved training manual for CPAs. The material was forwarded to Eloise Ulman of ICTA (I am a member) and the ANA board, who simply chose to believe Rush Limbaugh and Glen Beck instead.
Of course, coin dealers profited from spreading this rumor - many fearful clients exchanged one ounce gold coins for perhaps 7 or 8 one-tenth ounce supposedly "unreportable" coins.
Frankcoins, everything in the healthcare law was "snuck into the health care bill that Obama crammed down our throats," including the new 1099 provision, which is just another reason we should eliminate the income tax and go to the fair tax.