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Thread: Gold Coin Sellers Angered by New Tax Law

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    Re: Gold Coin Sellers Angered by New Tax Law

    Quote Originally Posted by MaggieD View Post
    This isn't taxing small businesses. A 1099 simply reports payments made. This is a loophole closed that is long overdue. Every taxpaying American should be delighted that others who've skirted by under the radar will now be cross-checked. The only thing better than this "good start" legislation would be an automatic withholding on those 1099's of 10%.
    It most certainly is. It requires reporting every purchase during the year that totals more than $600. to a vendor. This is going to make a LOT of accountants and the USPS very happy. It will require businesses to send out thousands of 1099s that they previously didn't have to send.

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    Re: Gold Coin Sellers Angered by New Tax Law

    Quote Originally Posted by Reverend_Hellh0und View Post
    Death by a thousand cuts. Is taxing small businesses like this really what we need right now?
    Yeah, that's really going to help the unemployment roles increase, might even force a lot of small business owners out of a job. A coworker of mine deals in model trains and small pets. He might have to close up shop. Here's another thing to mess up the home gun dealers, too.

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    Re: Gold Coin Sellers Angered by New Tax Law

    It is NOT a tax on business. It will require more paperwork, but it is NOT a tax. Do you not understand what a 1099 is? It's like a W-2.

    Large corporations have been sending out 1099's to businesses for some time now. Many of them, sole proprietorships and individuals, have been getting away with tax evasion for years.
    Last edited by MaggieD; 07-21-10 at 02:44 PM.
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    Re: Gold Coin Sellers Angered by New Tax Law

    Quote Originally Posted by Deuce View Post
    I can't bring myself to hold much sympathy for people who sell a nearly useless shiny metal for a price far higher than it really deserves.
    It's not just about gold sellers. It's going to affect all of the small business owners.

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    Re: Gold Coin Sellers Angered by New Tax Law

    Quote Originally Posted by MaggieD View Post
    It is NOT a tax on business. It will require more paperwork, but it is NOT a tax. Do you not understand what a 1099 is? It's like a W-2.

    Large corporations have been sending out 1099's to unincorporated businesses for some time now. It is my understanding this applies to unincorporated businesses -- individuals and sole proprietorships. They've been getting away with tax fraud for years. If you say it applies to every single invoice a company pays, link please.

    Read the article. it talks about exactly this and how it will now apply to incorporated small biz.
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    Re: Gold Coin Sellers Angered by New Tax Law

    Quote Originally Posted by Reverend_Hellh0und View Post
    Read the article. it talks about exactly this and how it will now apply to incorporated small biz.
    You posted B4 I edited mine, as you can see.
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    Re: Gold Coin Sellers Angered by New Tax Law

    Quote Originally Posted by MaggieD View Post
    You posted B4 I edited mine, as you can see.



    I still see that perhaps your not getting what's happening here.
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    Re: Gold Coin Sellers Angered by New Tax Law

    Quote Originally Posted by MaggieD View Post
    It is NOT a tax on business. It will require more paperwork, but it is NOT a tax. Do you not understand what a 1099 is? It's like a W-2.

    Large corporations have been sending out 1099's to unincorporated businesses for some time now. It is my understanding this applies to unincorporated businesses -- individuals and sole proprietorships. They've been getting away with tax fraud for years. If you say it applies to every single invoice a company pays, link please.
    Do you think these small business owners have time to fill out all these 1099's for every purchase or sale they make? They are going to have to hire more people, which will cut into their profits, provided they are even making a profit. My friend hardly makes a living at it. If it weren't for his regular job, he'd probably be on welfare. Mom and pop businesses will have to give it up.

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    Re: Gold Coin Sellers Angered by New Tax Law

    Quote Originally Posted by MaggieD View Post
    It is NOT a tax on business. It will require more paperwork, but it is NOT a tax. Do you not understand what a 1099 is? It's like a W-2.

    Large corporations have been sending out 1099's to unincorporated businesses for some time now. It is my understanding this applies to unincorporated businesses -- individuals and sole proprietorships. They've been getting away with tax fraud for years. If you say it applies to every single invoice a company pays, link please.
    OK, not a tax, but it is an expense and a huge one. It does NOT apply only to unincorporated businesses, it applies to everyone. If your company buys 6 $100 dollar employee appreciation lunches, the caterer must get a 1099. If your company buys $900 in business cards, a 1099 must go out. If your company pays the kid down the street $600 to mow the lawn, a 1099 must go out.

    The number of 1099s that must be filled out and sent will increase a thousandfold.

    • "The America Republic will endure until the day Congress discovers that it can bribe the public with the public's money." -- Alexis de Tocqueville





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    Re: Gold Coin Sellers Angered by New Tax Law

    Quote Originally Posted by Gill View Post
    OK, not a tax, but it is an expense and a huge one. It does NOT apply only to unincorporated businesses, it applies to everyone. If your company buys 6 $100 dollar employee appreciation lunches, the caterer must get a 1099. If your company buys $900 in business cards, a 1099 must go out. If your company pays the kid down the street $600 to mow the lawn, a 1099 must go out.

    The number of 1099s that must be filled out and sent will increase a thousandfold.

    I wonder how the IRS will be able to keep up with all this extra work? Just hiring peopel won't solve the problem. They have to be trained, first.

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