An attachment to the Health Bill wants to tax and have 1099s done on any sale of $600 or more so that they gov't can keep track of where the gold isat. I don't understand the move other than to collect more money to waste but years ago a bill passed exempting collectable coins. Anyine know more about this. BTW I think it's effective 1 Jan 2012 Thank all
Tax on Gold coins
- Thread starter Lookn4help
- Start date
think it applies to more than just gold...
TITLE 26 > Subtitle F > CHAPTER 61 > Subchapter A > PART III > Subpart B > ? 6041. Information at source
(a) Payments of $600 or more
All persons engaged in a trade or business and making payment in the course of such trade or business to another person, of rent, salaries, wages, amounts in consideration for property, premiums, annuities, compensations, remunerations, emoluments, or other gross proceeds, fixed or determinable gains, profits, and income (other than payments to which section 6042 (a)(1), 6044 (a)(1), 6047 (e), 6049 (a), or 6050N (a) applies, and other than payments with respect to which a statement is required under the authority of section 6042 (a)(2), 6044 (a)(2), or 6045), of $600 or more in any taxable year, or, in the case of such payments made by the United States, the officers or employees of the United States having information as to such payments and required to make returns in regard thereto by the regulations hereinafter provided for, shall render a true and accurate return to the Secretary, under such regulations and in such form and manner and to such extent as may be prescribed by the Secretary, setting forth the amount of such gross proceeds, gains, profits, and income, and the name and address of the recipient of such payment.
(b) Collection of foreign items
In the case of collections of items (not payable in the United States) of interest upon the bonds of foreign countries and interest upon the bonds of and dividends from foreign corporations by any person undertaking as a matter of business or for profit the collection of foreign payments of such interest or dividends by means of coupons, checks, or bills of exchange, such person shall make a return according to the forms or regulations prescribed by the Secretary, setting forth the amount paid and the name and address of the recipient of each such payment.
(c) Recipient to furnish name and address
When necessary to make effective the provisions of this section, the name and address of the recipient of income shall be furnished upon demand of the person paying the income.
(d) Statements to be furnished to persons with respect to whom information is required
Every person required to make a return under subsection (a) shall furnish to each person with respect to whom such a return is required a written statement showing%u2014
(1) the name, address, and phone number of the information contact of the person required to make such return, and
(2) the aggregate amount of payments to the person required to be shown on the return.
The written statement required under the preceding sentence shall be furnished to the person on or before January 31 of the year following the calendar year for which the return under subsection (a) was required to be made. To the extent provided in regulations prescribed by the Secretary, this subsection shall also apply to persons required to make returns under subsection (b).
(e) Section does not apply to certain tips
This section shall not apply to tips with respect to which section 6053 (a) (relating to reporting of tips) applies.
(f) Section does not apply to certain health arrangements
This section shall not apply to any payment for medical care (as defined in section 213 (d)) made under%u2014
(1) a flexible spending arrangement (as defined in section 106 (c)(2)), or
(2) a health reimbursement arrangement which is treated as employer-provided coverage under an accident or health plan for purposes of section 106.
(g) Nonqualified deferred compensation
Subsection (a) shall apply to%u2014
(1) any deferrals for the year under a nonqualified deferred compensation plan (within the meaning of section 409A (d)), whether or not paid, except that this paragraph shall not apply to deferrals which are required to be reported under section 6051 (a)(13) (without regard to any de minimis exception), and
(2) any amount includible under section 409A and which is not treated as wages under section 3401 (a).
this is just the beginning...theres so much crap buried in all these bills(that were rushed through congress under one party rule) it`ll make your head spin....and your wallet cry for mercy....
the taxes that we`re gonna get hit with are gonna shock an awful lot of people....
come next year,some folks are gonna be very unhappy that they slept on what the government is doing to the middle class......
TITLE 26 > Subtitle F > CHAPTER 61 > Subchapter A > PART III > Subpart B > ? 6041. Information at source
(a) Payments of $600 or more
All persons engaged in a trade or business and making payment in the course of such trade or business to another person, of rent, salaries, wages, amounts in consideration for property, premiums, annuities, compensations, remunerations, emoluments, or other gross proceeds, fixed or determinable gains, profits, and income (other than payments to which section 6042 (a)(1), 6044 (a)(1), 6047 (e), 6049 (a), or 6050N (a) applies, and other than payments with respect to which a statement is required under the authority of section 6042 (a)(2), 6044 (a)(2), or 6045), of $600 or more in any taxable year, or, in the case of such payments made by the United States, the officers or employees of the United States having information as to such payments and required to make returns in regard thereto by the regulations hereinafter provided for, shall render a true and accurate return to the Secretary, under such regulations and in such form and manner and to such extent as may be prescribed by the Secretary, setting forth the amount of such gross proceeds, gains, profits, and income, and the name and address of the recipient of such payment.
(b) Collection of foreign items
In the case of collections of items (not payable in the United States) of interest upon the bonds of foreign countries and interest upon the bonds of and dividends from foreign corporations by any person undertaking as a matter of business or for profit the collection of foreign payments of such interest or dividends by means of coupons, checks, or bills of exchange, such person shall make a return according to the forms or regulations prescribed by the Secretary, setting forth the amount paid and the name and address of the recipient of each such payment.
(c) Recipient to furnish name and address
When necessary to make effective the provisions of this section, the name and address of the recipient of income shall be furnished upon demand of the person paying the income.
(d) Statements to be furnished to persons with respect to whom information is required
Every person required to make a return under subsection (a) shall furnish to each person with respect to whom such a return is required a written statement showing%u2014
(1) the name, address, and phone number of the information contact of the person required to make such return, and
(2) the aggregate amount of payments to the person required to be shown on the return.
The written statement required under the preceding sentence shall be furnished to the person on or before January 31 of the year following the calendar year for which the return under subsection (a) was required to be made. To the extent provided in regulations prescribed by the Secretary, this subsection shall also apply to persons required to make returns under subsection (b).
(e) Section does not apply to certain tips
This section shall not apply to tips with respect to which section 6053 (a) (relating to reporting of tips) applies.
(f) Section does not apply to certain health arrangements
This section shall not apply to any payment for medical care (as defined in section 213 (d)) made under%u2014
(1) a flexible spending arrangement (as defined in section 106 (c)(2)), or
(2) a health reimbursement arrangement which is treated as employer-provided coverage under an accident or health plan for purposes of section 106.
(g) Nonqualified deferred compensation
Subsection (a) shall apply to%u2014
(1) any deferrals for the year under a nonqualified deferred compensation plan (within the meaning of section 409A (d)), whether or not paid, except that this paragraph shall not apply to deferrals which are required to be reported under section 6051 (a)(13) (without regard to any de minimis exception), and
(2) any amount includible under section 409A and which is not treated as wages under section 3401 (a).
this is just the beginning...theres so much crap buried in all these bills(that were rushed through congress under one party rule) it`ll make your head spin....and your wallet cry for mercy....
the taxes that we`re gonna get hit with are gonna shock an awful lot of people....
come next year,some folks are gonna be very unhappy that they slept on what the government is doing to the middle class......
- Feb 26, 2001
- 13,593
- 164
- 63
I think you mean what the government has been doing to the middle class for over 30 years.
2011 and going forward....
it`s gonna be ugly...
http://www.investors.com/NewsAndAna...007211841/The-Tax-Tsunami-On-The-Horizon.aspx
it`s gonna be ugly...
http://www.investors.com/NewsAndAna...007211841/The-Tax-Tsunami-On-The-Horizon.aspx
I just read that article a few minutes ago weasel.
Here is item from article--as many had misconception that previous tax cuts were for the rich and it was the lowest bracket that had largest cut--
1. Many other cuts from the Bush administration are set to disappear and a new set of taxes will materialize. And it's not just the rich who will pay.
The lowest bracket for the personal income tax, for instance, moves up 50% ? to 15% from 10%. The next lowest bracket ? 25% ? will rise to 28%, and the old 28% bracket will be 31%. At the higher end, the 33% bracket is pushed to 36% and the 35% bracket becomes 39.6%.
Here is item from article--as many had misconception that previous tax cuts were for the rich and it was the lowest bracket that had largest cut--
1. Many other cuts from the Bush administration are set to disappear and a new set of taxes will materialize. And it's not just the rich who will pay.
The lowest bracket for the personal income tax, for instance, moves up 50% ? to 15% from 10%. The next lowest bracket ? 25% ? will rise to 28%, and the old 28% bracket will be 31%. At the higher end, the 33% bracket is pushed to 36% and the 35% bracket becomes 39.6%.
I can't tell if you are serious or be facetious?
I avoided putting this up for 3 days wondering when someone would get to this.
Think about all the small business owners who are gonna get keistered on this.
Independendent Truckers, 200 gallons of diesel @ 3.50 a gallon.
Small companies can easily ship 600 with UPS, FED EX, Con Way, Etc. I know.
I already pay a HIGH STATE AND FED TAX when I purchase a firearm, now this, WTF :shrug: :nono:
You do remember Princess Nancy Pelosi telling you that we were going to have to pass ObamaCare before we can find out what's in it, don't you? Maybe she was talking about all these 1099 forms your going to have to fill out.
See the story here: http://money.cnn.com/2010/05/05/smallbusiness/1099_health_care_tax_change/
But under the new rules, if a freelance designer buys a new iMac from the Apple Store, they'll have to send Apple a 1099. A Laundromat that buys soap each week from a local distributor will have to send the supplier a 1099 at the end of the year tallying up their purchases.
How asinine can this get?
You are a manufacturer's representative. You spend your time on the road. Here are some of the 1099 forms you are going to have to file at the end of your tax year:
Did you spend more than $600 at Embassy Suites hotels during the year?
Get the federal tax ID number from Embassy Suites and file that 1099. Oh, and it had better be accurate or you might face penalties.
How about that Verizon cell phone?
More than $600 for the year? Again, get Verizon's tax ID number and file that 1099.
Did you pay Hertz, Avis or any other car rental company more than six bills for rental cars for the year? Tax ID numbers and 1099s please.
Oh ... and don't forget those airline tickets. Yup --- a 1099 to Jack Leg air.
Let's say you just operate a little mom and pop grocery store. You employ two additional family members and you're just barely getting by. What does the new ObamaCare mean to you?
Did you buy more than $600 of Scott paper towels to sell to your customers? 1099 please.
How about your electricity? More than $600 to the power company? Another tax ID you'll need and another 1099 you'll have to file.
Capt. Obvious says:
"It's a pretty heavy administrative burden," particularly for small businesses without large in-house accounting staffs, says Bill Rys, tax counsel for the National Federation of Independent Businesses.
Eliminating the goods exemption could launch an avalanche of paperwork, he says: "If you cater a lunch for other businesses every Wednesday, say, that's a lot of information to keep track of throughout the year."
I bet it will employ a lot more book keepers though?maybe it?s also a ?jobs bill? too.
See the story here: http://money.cnn.com/2010/05/05/smallbusiness/1099_health_care_tax_change/
But under the new rules, if a freelance designer buys a new iMac from the Apple Store, they'll have to send Apple a 1099. A Laundromat that buys soap each week from a local distributor will have to send the supplier a 1099 at the end of the year tallying up their purchases.
How asinine can this get?
You are a manufacturer's representative. You spend your time on the road. Here are some of the 1099 forms you are going to have to file at the end of your tax year:
Did you spend more than $600 at Embassy Suites hotels during the year?
Get the federal tax ID number from Embassy Suites and file that 1099. Oh, and it had better be accurate or you might face penalties.
How about that Verizon cell phone?
More than $600 for the year? Again, get Verizon's tax ID number and file that 1099.
Did you pay Hertz, Avis or any other car rental company more than six bills for rental cars for the year? Tax ID numbers and 1099s please.
Oh ... and don't forget those airline tickets. Yup --- a 1099 to Jack Leg air.
Let's say you just operate a little mom and pop grocery store. You employ two additional family members and you're just barely getting by. What does the new ObamaCare mean to you?
Did you buy more than $600 of Scott paper towels to sell to your customers? 1099 please.
How about your electricity? More than $600 to the power company? Another tax ID you'll need and another 1099 you'll have to file.
Capt. Obvious says:
"It's a pretty heavy administrative burden," particularly for small businesses without large in-house accounting staffs, says Bill Rys, tax counsel for the National Federation of Independent Businesses.
Eliminating the goods exemption could launch an avalanche of paperwork, he says: "If you cater a lunch for other businesses every Wednesday, say, that's a lot of information to keep track of throughout the year."
I bet it will employ a lot more book keepers though?maybe it?s also a ?jobs bill? too.
You should be.
They are gonna tax the hell out of everybody. Only way they can pay for bigger government that the Demo's and Hussien are pushing through. It will hurt unless you dont work and are feeding off the government or waiting for your handout from the socialist regime. Hell I might just say screw it and head to the mountains.
:sadwave:
:toast: Believe I figured out whose dropping threads from general down for their own personal reasons..
Been setting a little trap last couple months--
Been setting a little trap last couple months--
What's the freaking problem? You get a payment, you get a 1099. If it's a non-taxable payment, you pay no tax. If it's taxable, you pay the taxes.
The only people who can find reason to complain about this are those who want to cheat on their taxes.
Boo-effing-hoo, you tax cheats. You belong in jail.
The only people who can find reason to complain about this are those who want to cheat on their taxes.
Boo-effing-hoo, you tax cheats. You belong in jail.
An indepedent trucker who puts 200 gallons of fuel in his rig does? Every time he fills up,taking shoes, clothes, groceries across the country? Doesn't he already pay 3 or 4 taxes on that fuel already?
Of course he loves more taxes,
more free services for him, more free money,
means more beer money for dollar beer night at the Blue Oyster
What are you babbling about? Are you one of those tax cheats who tries to hide income while honest folks pay taxes? Are you an illegal getting paid under the table? :nono:
No,
Every three months I have to go to Office Depot of Staples and buy all 5 Cartridges for my Office Printer/Fax and 3 cases of paper, do you want to guess how much that costs?
I have already paid taxes on it, now I need to fill out an additional form for it?
Just to make sure you get fed in your soup kitchen?
Negative !
What about business travelers who have already paid the numerous additional fees and taxes to fly, then smae bullshit, 1099, fluffdiver gets his EBT card credits.
Fuck that noise
Every three months I have to go to Office Depot of Staples and buy all 5 Cartridges for my Office Printer/Fax and 3 cases of paper, do you want to guess how much that costs?
I have already paid taxes on it, now I need to fill out an additional form for it?
Just to make sure you get fed in your soup kitchen?
Negative !
What about business travelers who have already paid the numerous additional fees and taxes to fly, then smae bullshit, 1099, fluffdiver gets his EBT card credits.
Fuck that noise
Snap out of it Lumi. Sometimes I can't tell your posts from DTB's lately... :shrug:
Trench
