posted on Jul, 21 2010 @ 03:20 PM
reply to post by monkeySEEmonkeyDO
but i sort of recall that these 1099s are going to be used as a means of recording all transactions & will be sent in at least quarterly (or monthly
in the not-to-distant-future)
from what i've read on it, the new 1099 will act as manifold form, reporting 'wages' /sales/ transactions of every sort, which are not now under
the 1099 rules, & are only sent annually for your tax reporting.
those who fail to submit this big-brother record-keeping ('a la the nazi passion for records) will be severely punished in both fines and jail.
Øbama's regime has forced a lot of new & restrictive paperwork on us all... under severe threat of prosecution for those who will not comply...
let's hope that Deflation hits us big time & the $600 threashold is hard to attain, coin buyers/sellers can legally operate around this new Øbama
rule, by divvying up the coin into $599. per nuismatic 'slice' without physically cutting up the coin...never reporting a full 'sale' even after
the full value is received...
But in this theoretical tranfer of property, both the seller and buyer are at the mercy of the market to determine the actual final price, paid over
but never actually needing to be reported as individual + $600 transactions
~oops... off on another tangent, sorry
the real emphasis is that black market activity can be prosecuted with this new law as a prescident...bye-bye underground economy