Bob Warden
Regular Member
As always, if something sounds too implausible to be true, it is probably not true! Such bills are DOA. No pol interested in re-election would EVER vote yes.
Guns? What guns?!? All my guns fell overboard in that tragic boating accident a couple of years ago.
Why doesn't anybody ever look at the tax form before they post this tired old panic thread....again. I do, every time somebody posts it, again. I have yet to find such a provision but it sure makes a good arm waving lets panic thread for awhile.
Why doesn't anybody ever look at the tax form before they post this tired old panic thread....again. I do, every time somebody posts it, again. I have yet to find such a provision but it sure makes a good arm waving lets panic thread for awhile.
It's not as much fun to check first.
Yeah, but wouldn't at least a minimal check first, and a reference to that check, be the minimum cite required?
The $600 threshold for 1099-Misc reporting has been $600 for years.
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Although you are correct that the threshold has been $600 for years, the new bill dramatically expanded that reporting requirement. Section 9006 is specifically called "Expansion of Information Reporting Requirements". Used to be that this only covered work done by independent contractors for your business. If you paid them more than $600 you had to file a form so that the IRS could make sure they declared the income. Under the new law, this becomes if you did any business for more than $600 for all goods and services purchased over the course of the year. This means that you have to keep track of anything you spend, not just work done by independent contractors. This is why it now affects gold and silver. You bought something from someone, it cost more than $600, you have to report that you gave them the money. The other problem is that it is over the course of the year. Someone who came into your shop and sold you $100 worth of stuff six times now falls under the reporting requirement. That means that not only will you have to fill out more 1099 reporting forms, you also have to keep track of every customer to see if they require a form, even if they are only in selling you a few dollars worth of stuff. If they come in later and exceed the $600 requirement you have to have a record of the earlier, small purchases.
At least this is how I understand it from my reading.