The $600 IRS 1099 - Effect upon PMs?

[markshell]

I would like to get opinions on what will be the overall impact of the new "1099 Law" that will go into effect January 1st...

(I'm talking about the law that is part of the Health Care Bill -- the one that requires businesses to obtain ID plus a Soc. Sec. number from anyone they do over $600 of business with so they can issue an IRS 1099 form to them).

1. What will be the law's effect upon PM prices and/or availability during November and December as we move closer to the Jan 1st date?

2. What will be the law's effect upon PM prices and/or availability after the 1st of January?

3. What will be the best strategy to remain anonymous while buying quantities of PMs after Jan 1st?

4. Any other thoughts, concerns or unintended consequences concerning this new law?

[Thogey]

I intend on IGNORING the new law, just like many Americans will.

[AGCoinHunter]

I intend on IGNORING the new law, just like many Americans will.

Agreed.

[argent_pur]

1). Make friends with a local dealer, many will not comply.
2). Spread out online purchases and keep receipts so you know when you're close.
3). Ebay & Craiglist--however, if buyers start flooding in, expect prices to rise (the cost of remaining anonymous).

[blackrabbit]

Thogey has got the right idea. Resistance is victory!

[justoneguy]

how can i ignore this, ifthe irs won't let me deduct it as a business expense,
when i don't file their newly required forms.
just pay the extra income tax myself??
i don't like that idea

YEEAAHH for obamacare now i can puke just thinking about it
by the way i hear obamacare adds 16,000 new IRS agents for this

[Neckro]

When you go to sell your PM's, and report the profit to the IRS. How will you validate the proper Tax amount with them, without proving what you paid for the items?

[Thogey]

When you go to sell your PM's, and report the profit to the IRS. How will you validate the proper Tax amount with them, without proving what you paid for the items?

If you don't have acceptable proof for your cost basis the IRS will net you at the gross sales figure.

Small business will be forced to conduct a bigger portion of their business under the table.

You ingnore the law by taking cash payments and paying in cash, no invoices no receipts or like justoneguy wrote you will pay more tax. Thats the whole idea, isn't it? I'm going to do my suppliers a favor and pay in cash. They can do what they like with it. You all better start now it will take a while to set yourself up without throwing a lot of red flags.

the IRS can eat s**t as far as I'm concerned. But, yes, my papers will be in order.

[marine70]

The coin shop that I purchase most of my coins from said he will close his doors. He sold guns legally until they made it a paperwork nightmare. The gentleman is in his late seventies. Because of his business he has turned his social security checks back in. So there goes another business to obamacare. So much for creating jobs.