This is no hocus-pocus, thanks to the new reporting requirements sneaking into the health care reform bill. I just read that “Every U.S. business, and individuals as well, will be forced to obtain the tax ID number and/or the Social Security number of everyone with whom they do more than $600 worth of business in a year.
This is not a joke, but you need to know that this does take effect on Jan. 1, 2012 — and it applies to all U.S. business and private transactions.” Says Bob Bauman (July 27, 2010)…
“Americans are already outraged by President Obama’s new health care law. And now, many are up in arms about a little-noticed provision buried deep in the 906 pages of that law,” says Bob.
“The 2010 Patient Protection and Affordable Care Act” (Health Care Act, P.L. 111-148) contains a sneak provision (IRC §6041(h)) that is set to directly impact you. This law requires any person engaged in a trade or business to file an IRS Form 1099, reporting all payments totaling $600 or more in a calendar year to any single person, other than a tax-exempt corporation (non-profit).
No, they don’t care to know who donated $600 to a local animal rescue. Only that Joe Schmo sold you an old pick-up truck for $750 for your lawn service company. He’d better pay tax on that transaction! And you are responsible for getting him the forms and, at the same time, submitting them to the IRS.
And when you mail off your rent check for your equipment bay, guess what? Time to send the old 1099s to the IRS and your landlord.” Bauman report, (July 27, 2010)…
If you don’t believe me, let me reiterate, not even the Starship Enterprise traveling to the Delta Quadrant 300 thousand light years away will save you! You get it? You and I will be subjected to this new legislation and will affect every American!
There’s a bigger Goblin out there with a few relatives!
“Even corporations are affected. That’s right. That John Deere lawnmower you just bought? Again, you’ll need to mail a 1099 to the IRS and to John Deere.
Until now, IRS 1099 forms have been used to track and report miscellaneous income paid for services of independent contractors or self-employed individuals.”
I thought these games were over a long time ago when we formed the constitution of the United States and the free enterprise! I don’t know what you think, but is this the highest good of all concerned? And, yes, it is your beeswax to be concerned. Why??? Read on…
The Really Scary Part…is
Precious metals such as coins and bullion fall into this new 1099 category and U.S. coin dealers are among those most outraged by the new law.
And it’s on privacy buffs’ and freedom lovers’ radars for another reason.
Those who remember history recall that Americans’ freedom to own gold (except for jewelry, dental, and numismatics) was made illegal after 1933, when President Franklin D. Roosevelt issued an executive order prohibiting gold ownership.
Those who value their right to own gold note the obvious: You might want to stay on the financial defensive ‘cause you will need it to make physical gold and silver purchases before January 2012!
The 1099 reporting rule will tell IRS agents who owns gold and where they live.
Will this administration confiscate your only “sovereign currency”?
My thoughts are, ethics or no ethics, the minute this conquest is achieved, kaput ethics and hello black-market…Either your grateful kisses cover the hand of the tormentor, or your hair will stand up like a cockatoo ruffle with a very short fuse, just to pull yourself out of the net, which only become more tangled!
It remains to be seen of course, however, here’s what you can do to protect yourself now: “Gold you store yourself in a safety deposit box or private vault to which only you have access doesn’t appear to be reportable — yet.”
“Fortunately, as this provision doesn’t go into effect until January 2012, you have more than a year to “stock up” on gold and silver bullion. I’d suggest acting fast — the metals are typically in a slump through Labor Day, after which gold demand picks up.
“There’s still more than a year for this provision to be replaced, possibly by a friendlier Congress in 2011. But regular additions to your gold and silver bullion stockpile today will alleviate a potential headache of paperwork tomorrow.
If you’ve been making excuses to put off your purchases of gold and silver, Congress has just given you the best reason to take action and protect yourself today.” Says Bob Bauman
So stay defensive and safe, and stay sovereign. That means time to really polish up your portfolio. No matter what happens, a sound defensive is—gold—and you might bulk up now with small easily visible quantities of silver, cause’ by the time gold and silver hit their respective peaks, the world as we know it will still be here after 2012, but will have changed dramatically.