One of the ways in which FDR helped to screw over the American populace was to make it illegal to own gold bullion and coins and certificates. And it wasn’t until Gerald Ford that people could own gold again. Well, it’s startign to look like we’re slipping back that way again:
http://www.numismaster.com/ta/numis/Article.jsp?ad=article&ArticleId=11843
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.
The responsibility for issuing forms kicks in at $600 for coins or bullion – not a very high level and one that has already started sounding alarm bells. It doesn’t matter in what form payment is made, whether cash, check, credit card, or Yap stone money, the $600 threshold applies.
Translation: the buying or selling of a one-ounce gold coin – which last I check would run you about $1200 – would require that the IRS be informed. And in what financial reform law is this new regualtion installed within? Why, Section 9006 of the Patient Protection and Affordable Care Act (“Obamacare”), of course!
What in the hell is this doing in a health care law?
5 Responses to “And So It Begins. Again.”
Sorry, the comment form is closed at this time.
Well if Zero’s going to give us a proc exam with a pineapple it should go under healthcare right?
Not sure what the gold consipircy theory is about, but I’ve been up in arms about this for quite a while.
The new 1099 requirements are going to be potentially onerous for me.
One good bit of news is that recently, the IRS as implemented rules are exempting charges made via credit card. So as long as you buy your supplies no matter if it’s gold bullion or toner with a credit card you don’t have to issue a 1099.
But, if you buy more than $600 worth of toner and paper for your business in a year from office max and pay with a check, you will have to obtain your local office max’s EIN and submit a 1099 to them at the end of 2012.
It’s pathetic. The rational is that there is somehow $30 billion in unreported income out there. Even if that’s true, this isn’t going to find it.
I used to laugh at conspiracy theories.
Scott? I and several others pointed this out 2 years ago. Democrats claimed it was just a mistype. Never going to be part of http://thomas.loc.gov/cgi-bin/bdquery/z?d111:H.R.3590: And yet, there it is. Along with a whole criminal code structure which will be applied to Americans against their will.
Why did no one fucking listen, two years ago?
Does this rule refer to a total amount of $600 in coin or bullion, or just an individual purchase greater than that amount. For example, if I buy $200 in precious metal coinage 4 times in a row, would I have to fill out this form? Or only if I bought a 1oz gold coin?
Incidentally, I would like to offer the observation that this requirement will become more onerous as the dollar decreases in value. As the prices of gold, silver and assets rise even higher, the amount you will be able to purchase without coming up against this limit will become smaller.