<< <i>Signed into law in 2008. Takes effect Jan. 1, 2011. The link is one of many sources for this information. Old news. >>
EXCUSE ME. Signed into law in 2010. Just a little while ago as a matter of fact. >>
Two different new laws being discussed here: 1. The one quoted here is the Housing and Economic Recovery Act of 2008 that will require paypal, beginning in 2011, to report sales to IRS. 2. The law implementing the new 1099 requirement for buyers is in the Health Care Act of 2010.
Now if you can find something that affects coins in the new Dodds-Frank (Donk) Financial Reform Act. We'll talk about that one too!
Government is the great fiction through which everybody endeavors to live at the expense of everybody else. - Bastiat
Your ebay sales will already be reported under legislation signed by Bush in 2008, since ebay will be reporting all of your Paypal and credit card receipts starting in 2011. >>
Gold and silver are valuable but wisdom is priceless.
<< <i>Your ebay sales will already be reported under legislation signed by Bush in 2008, since ebay will be reporting all of your Paypal and credit card receipts starting in 2011.
You were not being honest here. The law only required sales of $20,000 or greater or more than 200 sales to be reported. I noticed that it said an earlier form had a $600 limit. Sounds familiar. Also, you take obvious efforts to mention that Bush signed the bill. Well now, he either refuses to sign the bill and your type blames him for throwing poor people on the streets or the signs the bill and you blame him for the new requirement. That is why the bundled laws are so dangerous to this country. >>
No need to bring you political preferences into the discussion. It is a fact that Bush signed the bill in 2008. No politics intended. Two laws, two issues. Look two posts up.
Government is the great fiction through which everybody endeavors to live at the expense of everybody else. - Bastiat
<< <i>Your ebay sales will already be reported under legislation signed by Bush in 2008, since ebay will be reporting all of your Paypal and credit card receipts starting in 2011. >>
Gold and silver are valuable but wisdom is priceless.
<< <i>Sorry about that but I noticed that Bush's name was being dropped a lot to kind of give a smokescreen for the new law it seems. I thought that should be addressed and will not go further. >>
The name was dropped, I'm sure, to help differentiate between the two bills being discussed. Besides you can't blame anything on the people in Washington, blame those that put them there.
Government is the great fiction through which everybody endeavors to live at the expense of everybody else. - Bastiat
I know, I was just repeating the Drudge headline where I found the story.
Why are you content to repeat something you know to be false?
Lots of folks object to this reporting requirement, but we only stand a chance of changing it if people focus on reality not someone's distorted headline.
<< <i>Sorry about that but I noticed that Bush's name was being dropped a lot to kind of give a smokescreen for the new law it seems. I thought that should be addressed and will not go further. >>
The name was dropped, I'm sure, to help differentiate between the two bills being discussed. Besides you can't blame anything on the people in Washington, blame those that put them there. >>
The date would have been enough to differentiate the two but I have deleted my comments because they were too sharp anyway. I need some fresh air now.
Gold and silver are valuable but wisdom is priceless.
WASHINGTON — The Internal Revenue Service today invited public comment on how to most effectively carry out a law change that, starting in 2012, will require businesses to report a wider range of payments to contractors, vendors and others, usually on Form 1099. These comments will help the IRS issue guidance that implements this provision in a manner that minimizes burden and avoids duplicate reporting."
I would only only respond to the IRS on this topic if you are interested in assisting them as to how to implement the new tax law regarding compliance with the new 1099 reporting requirements. This is what the IRS is asking for on thier site.
If you want to voice your concern and have a say in the potential repeal of this law you should write Congress. Congress is the only entity thet can repeal a tax law, the IRS just enforces laws passed by congress.
Comments
<< <i>Signed into law in 2008. Takes effect Jan. 1, 2011. The link is one of many sources for this information. Old news. >>
EXCUSE ME. Signed into law in 2010. Just a little while ago as a matter of fact.
<< <i>
That's March 2010, not 2008. Asking Frank for his source.
bob >>
Paypal IRS reports become law
<< <i>
<< <i>Signed into law in 2008. Takes effect Jan. 1, 2011. The link is one of many sources for this information. Old news. >>
EXCUSE ME. Signed into law in 2010. Just a little while ago as a matter of fact.
Two different new laws being discussed here:
1. The one quoted here is the Housing and Economic Recovery Act of 2008 that will require paypal, beginning in 2011, to report sales to IRS.
2. The law implementing the new 1099 requirement for buyers is in the Health Care Act of 2010.
Now if you can find something that affects coins in the new Dodds-Frank (Donk) Financial Reform Act. We'll talk about that one too!
Government is the great fiction through which everybody endeavors to live at the expense of everybody else. - Bastiat
<< <i>Your ebay sales will already be reported under legislation signed by Bush in 2008, since ebay will be reporting all of your Paypal and credit card receipts starting in 2011.
You were not being honest here. The law only required sales of $20,000 or greater or more than 200 sales to be reported. I noticed that it said an earlier form had a $600 limit. Sounds familiar. Also, you take obvious efforts to mention that Bush signed the bill. Well now, he either refuses to sign the bill and your type blames him for throwing poor people on the streets or the signs the bill and you blame him for the new requirement. That is why the bundled laws are so dangerous to this country. >>
No need to bring you political preferences into the discussion. It is a fact that Bush signed the bill in 2008. No politics intended.
Two laws, two issues. Look two posts up.
Government is the great fiction through which everybody endeavors to live at the expense of everybody else. - Bastiat
<< <i>
<< <i>Your ebay sales will already be reported under legislation signed by Bush in 2008, since ebay will be reporting all of your Paypal and credit card receipts starting in 2011. >>
<< <i>Sorry about that but I noticed that Bush's name was being dropped a lot to kind of give a smokescreen for the new law it seems. I thought that should be addressed and will not go further. >>
The name was dropped, I'm sure, to help differentiate between the two bills being discussed. Besides you can't blame anything on the people in Washington, blame those that put them there.
Government is the great fiction through which everybody endeavors to live at the expense of everybody else. - Bastiat
Why are you content to repeat something you know to be false?
Lots of folks object to this reporting requirement, but we only stand a chance of changing it if people focus on reality not someone's distorted headline.
<< <i>
<< <i>Sorry about that but I noticed that Bush's name was being dropped a lot to kind of give a smokescreen for the new law it seems. I thought that should be addressed and will not go further. >>
The name was dropped, I'm sure, to help differentiate between the two bills being discussed. Besides you can't blame anything on the people in Washington, blame those that put them there.
The date would have been enough to differentiate the two but I have deleted my comments because they were too sharp anyway. I need some fresh air now.
<< <i>
<< <i>
I hope this gets repealed, if not it is going to be a compliance nightmare.
Write your congressman. >>
The IRS wants your comments on this.
http://www.irs.gov/newsroom/article/0,,id=225029,00.html >>
From the page linked:
"IR-2010-79, July 1, 2010
WASHINGTON — The Internal Revenue Service today invited public comment on how to most effectively carry out a law change that, starting in 2012, will require businesses to report a wider range of payments to contractors, vendors and others, usually on Form 1099. These comments will help the IRS issue guidance that implements this provision in a manner that minimizes burden and avoids duplicate reporting."
I would only only respond to the IRS on this topic if you are interested in assisting them as to how to implement the new tax law regarding compliance with the new 1099 reporting requirements. This is what the IRS is asking for on thier site.
If you want to voice your concern and have a say in the potential repeal of this law you should write Congress. Congress is the only entity thet can repeal a tax law, the IRS just enforces laws passed by congress.