I Get By With Alittle Help From My Friends....

Dinar Outcast


You are not connected. Please login or register

Amendment Slipped Into Health Care Legislation Would Track, Tax Coin and Bullion Transactions

View previous topic View next topic Go down  Message [Page 1 of 1]

Panhead


Admin
Gold Coin Sellers Angered by New Tax Law
Amendment Slipped Into Health Care Legislation Would Track, Tax Coin and Bullion Transactions

442 comments
By RICH BLAKE
July 21, 2010


Those already outraged by the president's health care legislation now have a new bone of contention -- a scarcely noticed tack-on provision to the law that puts gold coin buyers and sellers under closer government scrutiny.
PHOTO A new IRS rule that will start in 2012 will require sellers, buyers of gold coins to file IRS paperwork.
A stack of coins is shown in this file photo. A new IRS rule that will start in 2012 will require sellers, buyers of gold coins to file IRS paperwork.
(Florence Delva/Getty Images)
More Photos

The issue is rising to the fore just as gold coin dealers are attracting attention over sales tactics.

Section 9006 of the Patient Protection and Affordable Care Act will amend the Internal Revenue Code to expand the scope of Form 1099. Currently, 1099 forms are used to track and report the miscellaneous income associated with services rendered by independent contractors or self-employed individuals.

Related
Glenn Beck Fires Back at ABC News Goldline Investigation
WATCH: Firm Selling Gold Touted by Glenn Beck Under Fire
Congress to Grill Glenn Beck Sponsor Goldline
Coin Dealers Flipping

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.

Taking an early and vociferous role in opposing the measure is the precious metal and coin industry, according to Diane Piret, industry affairs director for the Industry Council for Tangible Assets. The ICTA, based in Severna Park, Md., is a trade association representing an estimated 5,000 coin and bullion dealers in the United States.

"Coin dealers not only buy for their inventory from other dealers, but also with great frequency from the public," Piret said. "Most other types of businesses will have a limited number of suppliers from which they buy their goods and products for resale."

full story here.....

http://abcnews.go.com/Business/gold-coin-dealers-decry-tax-law/story?id=11211611

View previous topic View next topic Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum