ABCNews is reporting an item that CNN Money reported about back in May. It was old news, but ABC news article has put a gold spin on the story (which also let them keyword spam the story with Glenn Beck via his relationship with Goldline). A small piece of the bloated Health Care Reform bill dealt with 1099 tax forms. Specifically when they needed to be issued. Starting Jan 01, 2012 every business will need to issue a 1099 when purchases or services exceed $600 to any entity. This has Gold Dealers (rightly) up in arms. As nearly every purchase made from a member of the public would require a 1099 to be issued to the seller.
Pat Heller, who owns Liberty Coin Service in Lansing, Mich., deals with around 1,000 customers every week. Many are individuals looking to protect wealth in an uncertain economy, he said, while others are dealers like him.
With spot market prices for gold at nearly $1,200 an ounce, Heller estimates that he’ll be filling out between 10,000 and 20,000 tax forms per year after the new law takes effect.
This change goes well beyond gold dealers to every small and micro business person in the country.
GoldFinger. Member Since 2008. Gold Coin collector, investor and Blogger 
