On the Road Toward Confiscation?

[Jay]

Taxation is the power to destroy, right? Sneaky. I see one giant black market ahead.

$600 Sale? Get Ready for Tax Form

By David L. Ganz, Numismatic News June 29, 2010

A blizzard of paperwork could be about to hit numismatics.

Passage by Congress of the national health care legislation has had an unintended consequence to the nation’s coin collectors, vest-pocket dealers who buy and sell coins, and larger dealers who are frequent buyers of coins that collectors periodically liquidate as they trade up their collections for better coins, or simply sell to take a small profit or loss.

What has happened is that effective Jan. 1, 2012, the whole system of giving and receiving Internal Revenue Service 1099 forms will be turned on its head and all persons (including corporations) who are in business will now have to give 1099 tax reporting forms for coins and other goods that they sell as well as buy.

http://www.numismaster.com/ta/numis/...rticleId=11843

[ThePythonicCow]

Re: On the Road Toward Confiscation?

I had heard of the $600 threshold change for 2012, but I had not noticed that they also extended this 1099 requirement from corporations to individuals.

dang

[Slimprofits]

Re: On the Road Toward Confiscation?

it would be nice if numismaster.com had looked into what Congressman's office had inserted the language in the first place.

maybe I can find out.

[metalman]

Re: On the Road Toward Confiscation?

Taxation is the power to destroy, right? Sneaky. I see one giant black market ahead.

http://www.numismaster.com/ta/numis/...rticleId=11843

what did itulip tell us 10 yrs ago? bubbles -> crashes -> deficit spending -> taxation

[tastymannatees]

Re: On the Road Toward Confiscation?

I pay my taxes so no difference to me there. But go buy a couch and you will get a 1099... what a PITA.

My own small Business (2 partners no employees) I will have to file several of thousand of these a year. What a waste of time and probably will impact my income as time spent complying will eat into our work schedule and I do not see it getting them any more revenue as I do not hide income, I always report the full amount.

Maybe time to offshore my business to Costa Rica

[shiny!]

Re: On the Road Toward Confiscation?

How on earth can they even enforce this?

When or if this happens I will shut down my e-commerce store (1 employee- me) because it doesn't pay enough to be burdened with all that paperwork. It's been a labor of love. I built my website from scratch and got to the top of Google rankings for my field. Makes me sad and mad because I provide a real service to a niche market.

The small monthly profit my business generates supplements my husband's crummy teacher salary, allowing us to save a little for retirement. I guess we can live under a bridge in 10 years.

Multiply my situation by tens of thousands of small cottage industries and businesses around the country, all shutting down or becoming criminal because of this law. God I'm pissed!

[Raz]

Re: On the Road Toward Confiscation?

This is what you get from Leftist fools who've NEVER run a small business or had a close relative who has, or who are slaves to their ideology and simply don't care.

As big a mess as the Repukelicans made, they're beginning to look stunningly competant the more I see of Obama, Pelosi, Dodd and Reid.

[Jay]

Re: On the Road Toward Confiscation?

what did itulip tell us 10 yrs ago? bubbles -> crashes -> deficit spending -> taxation

And what has Hudson always said, that the government will get it one way or the other.

[tastymannatees]

Re: On the Road Toward Confiscation?

How on earth can they even enforce this?

When or if this happens I will shut down my e-commerce store (1 employee- me) because it doesn't pay enough to be burdened with all that paperwork. It's been a labor of love. I built my website from scratch and got to the top of Google rankings for my field. Makes me sad and mad because I provide a real service to a niche market.

The small monthly profit my business generates supplements my husband's crummy teacher salary, allowing us to save a little for retirement. I guess we can live under a bridge in 10 years.

Multiply my situation by tens of thousands of small cottage industries and businesses around the country, all shutting down or becoming criminal because of this law. God I'm pissed!

I am sure some kind of protest will happen, something simple like a transposed number or a misspelled name here and there would gridlock everything due to the shear volume of errors. Picture everybody in the USA filing their income taxes and dropping a # on their social security # and multiply that by 10,000

[KGW]

Re: On the Road Toward Confiscation?

Let me fix that for you:

This is what you get from fools who've NEVER run a small business or had a close relative who has, or who are slaves to their ideology and simply don't care.

As big a mess as the previous fools made, they're beginning to look no worse than Obama, Pelosi, Dodd and Reid.

[raja]

Re: On the Road Toward Confiscation?

Taxation is the power to destroy, right? Sneaky. I see one giant black market ahead.

http://www.numismaster.com/ta/numis/...rticleId=11843

Doesn't seem to apply solely to gold or other PM . . . so it would be a stretch to relate this to confiscation . . . .

"Although there is much to learn about the new legislation the new reporting appears as though it will include payments for much routine expenditure

• Some travel expenses such as gasoline and automobiles
• Computers and hardware purchases
• Software
• Rental and Leases
• Office supplies and expenses
• Janitorial services
• Some mail delivery services

If all of these items require 1099 reporting we will be dealing with the exchange of potentially billions of forms for which companies will have to obtain and verify an official vendor/supplier company name and a TIN and match the information successfully or they are penalized!!!"
http://www.lavante.com/the-hub/accou...able-care-act/

[ThePythonicCow]

Re: On the Road Toward Confiscation?

If all of these items require 1099 reporting we will be dealing with the exchange of potentially billions of forms for which companies will have to obtain and verify an official vendor/supplier company name and a TIN and match the information successfully or they are penalized!!!"

There must be a business opportunity in here somewhere, facilitating and automating 1099 generation.

[thriftyandboringinohio]

Re: On the Road Toward Confiscation?

There must be a business opportunity in here somewhere, facilitating and automating 1099 generation.

I suppose we should expect Goldman and JPM Chase to roll out the subscription services, a 1099 for everything, priced at a flat 2%; essentially a business tax paid directy to the banks.

[BobinSFCA]

Re: On the Road Toward Confiscation?

Just be glad you are not in California. I too have a small business, and the paperwork on the taxes is unreal.

The State makes us file a special return for any purchases made over the net that we may not have paid sales taxes on, then the wonderful City of SF asks for two more returns, one for payroll taxes on any employees you may have, and another requiring an itemized list of business assets so they can be taxed as well. Now with the Feds looking for additional tax revenue, they may push small businesses out of business even if they are profitable.

I now make all business office supply purchases as a local "brick and mortar" to avoid having to declare Internet purchases, and I only have 1099 contractors working for me on a seasonal basis. I have purposely dropped clients and avoided hiring people to keep my taxes and the arduous paperwork associated with them at a minimum.

It is getting to the point where it doesn't pay to run a small business anymore. If I didn't enjoy the control and freedom it offered, I think I would just shut it down and just go work for someone else-I would probably make more money.

[Raz]

Re: On the Road Toward Confiscation?

Let me fix that for you:

I'm aging rapidly, KGW.

Would you clarify your post for me?