GTA
All Springer/NP/PCP Air Gun Discussion General => Back Room => Topic started by: TCups on July 21, 2010, 04:22:31 PM
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Seen this?:
Gold Coin Sellers Angered by New Tax Law
Amendment Slipped Into Health Care Legislation Would Track, Tax Coin and Bullion Transactions
By RICH BLAKE July 21, 2010 ABC News
Excerpt:
Starting Jan. 1, 2012, Form 1099s will become a means of reporting to the Internal Revenue Service the purchases of all goods and services by small businesses and self-employed people that exceed $600 during a calendar year. Precious metals such as coins and bullion fall into this category and coin dealers have been among those most rankled by the change.
This provision, intended to mine what the IRS deems a vast reservoir of uncollected income tax, was included in the health care legislation ostensibly as a way to pay for it. The tax code tweak is expected to raise $17 billion over the next 10 years, according to the Joint Committee on Taxation.
Underlined emphasis added by me. Hmmm. . . OK, so I suppose this means that should I buy a gold coin from a coin dealer and pay the dealer, what, $1,200, then I guess I am also now required to file a Form 1099 reporting the $1200 purchase price as income paid to the dealer from the sale of that "good or service", if I am reading this correctly. Hmmmmm. . . So, if that is correct, then, I wonder if, by extension, any good or service sold by a "gun dealer" instead of a "coin dealer" might come under the new IRS Tax Law?
Surely not! They would never try to slip something like that into the bill, right? Anyone know if this is the case or not? I buy a lot more than $600 / year in guns and goodies from private dealers, small business, and self-employed folks.
Hmmmm. . .
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Oh, - they would indeed Tcups, they would indeed. This is essentially a Federal Sales Tax. It also tracks the sales of a hot commodity right now, - the metals. Lotta folks "running for cover" - with no trust in Washington and/or the greenback. - I thought this work of art applied only to the precious metals, - gotta check on that.
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Tommy you know that it will include you...:) And everyone else. By the time that bill passes there will be a string of addon tax previsions that will stretch from here to China..:) Do not forget all the other taxes that will be applied by 2012.
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Great -- so the IRS will now apply a Fed sales tax on any private firearm transaction and the IRS will also know who is buying guns and gold, how many, how much, and how often, if sales are reported as required. Sounds like a huge incentive for a flourishing black market to me. What do you think that means for online sales at places like Gunbroker.com etc.? >:( Change we can count on, I guess.
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Seen this?:
Gold Coin Sellers Angered by New Tax Law
Amendment Slipped Into Health Care Legislation Would Track, Tax Coin and Bullion Transactions
By RICH BLAKE July 21, 2010 ABC News
Excerpt:
Starting Jan. 1, 2012, Form 1099s will become a means of reporting to the Internal Revenue Service the purchases of all goods and services by small businesses and self-employed people that exceed $600 during a calendar year. Precious metals such as coins and bullion fall into this category and coin dealers have been among those most rankled by the change.
This provision, intended to mine what the IRS deems a vast reservoir of uncollected income tax, was included in the health care legislation ostensibly as a way to pay for it. The tax code tweak is expected to raise $17 billion over the next 10 years, according to the Joint Committee on Taxation.
Underlined emphasis added by me. Hmmm. . . OK, so I suppose this means that should I buy a gold coin from a coin dealer and pay the dealer, what, $1,200, then I guess I am also now required to file a Form 1099 reporting the $1200 purchase price as income paid to the dealer from the sale of that "good or service", if I am reading this correctly. Hmmmmm. . . So, if that is correct, then, I wonder if, by extension, any good or service sold by a "gun dealer" instead of a "coin dealer" might come under the new IRS Tax Law?
Surely not! They would never try to slip something like that into the bill, right? Anyone know if this is the case or not? I buy a lot more than $600 / year in guns and goodies from private dealers, small business, and self-employed folks.
Hmmmm. . .
1099's are nothing new. For many years I've had to fill out one for each business that I subcontract with over $600.00 in a calender year. It's basically a form that lets IRS double-check what other businesses are reporting as income. Some call it the "Rat form".
Paul
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http://abcnews.go.com/Business/gold-coin-dealers-decry-tax-law/story?id=11211611 (http://abcnews.go.com/Business/gold-coin-dealers-decry-tax-law/story?id=11211611)
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Section 9006 of the Patient Protection and Affordable Care Act will amend the Internal Revenue Code to expand the scope of Form 1099.
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http://www.investors.com/NewsAndAnalysis/Article.aspx?id=541131 (http://www.investors.com/NewsAndAnalysis/Article.aspx?id=541131)
Remember this?
How doth Barack Obama all victims organize
and with tele-prompted polish, spread Socialist's tired lies!
How freely he spends other’s wealth
to right the social score,
until our nation is bankrupt and freedom is no more.
How Barney, Chris and Nancy do torture enterprise,
and kill our nation’s commerce, bring “tax and spend” demise!
But oh, what lofty purpose,
What noble Social goal:
To redistribute all the wealth, and spread the pauper’s dole.
And oh the fruits we shall reap, oh what utopia,
when the State cares for her sheep. A cornucopia!
Free homes, free food, free medicine.
Surrender all your care!
Await the Siren's promises . . . of tyranny's despair.
T Cupples 4/1/2009
. . . and this?
Tax Time 2010
Tax mom's tan, tax dad's wealth,
Tax grandma's meds, and grandpa's health.
Tax the loans kids need for school,
Tax to make the whole earth cool.
Tax the tax on taxes due,
Tax the Red, the White and Blue.
Tax until just debt exists,
Tax to death all capitalists!
T. Cupples 3/25/2010
Well, it is a whole lot worse than I thought.