By: John Fisher
Paperwork surprise! Paperwork nightmare!
Buried in the massive 2,409-page health care law, lies an all but overlooked provision. Section 9006 to be precise, stipulates that beginning in 2012, ALL businesses will have to issue 1099 tax forms to any individual or corporation from which they buy more than $600 in goods or services in a tax year.
This provision of the health reform law will swamp U.S. businesses with a flood of new tax paperwork, add an avalanche of additional work for the IRS and cause many individuals to receive new 1099’s.
What’s at stake for the government is $19 billion in tax revenues over the next 10 years to help pay for the health care regulation.
What’s at stake for you is that we would be required to send you a Form 1099-B on any item(s) we purchased from 
you in excess of $600 in a calendar year! This is set to take place January 1, 2012.
What’s being done? Eighty business groups recently approached Congress. Lawmakers on both sides of the isles are pushing back (most lawmakers of course, never realized the measure was in the bill). Our own industry advocate group is pushing hard. And, there’s both an election and time ahead of us.
All Things Considered – John’s Commentary
First, keep in mind that the law isn’t slated to start until 2012, so there’s time. Secondly, it may be repealed or changed. Third, it only applies when you sell, not when you buy or when you exchange, or “swap” from silver to gold or vice versa.
What to do now: Ultimately, what I suggest is continuing to build your position as your own personal financial situation dictates. Or, accelerate your purchases at these lower price levels before something else changes, as the law can change at any time.
What to buy: If you have ever wanted to own fractional gold (less than an ounce) from countries around the world, I have just found a great source. Singapore, Isle of Man, Brittania, Russia, China, Hungary and more. They are a good value and unique. Silver – I have a plentiful supply of 1800’s and early 1900’s silver dollars, very worn, but with a very low premium over spot. Call if you are interested.
Quote of the day: “Of all the contrivances for cheating the laboring classes of mankind, none has been more effective than that which deludes them with paper money.” – Daniel Webster
First, keep in mind that the law isn’t slated to start until 2012, so there’s time. Secondly, it may be repealed or changed. Third, it only applies when you sell, not when you buy or when you exchange, or “swap” from silver to gold or vice versa.What to do now: Ultimately, what I suggest is continuing to build your position as your own personal financial situation dictates. Or, accelerate your purchases at these lower price levels before something else changes, as the law can change at any time.
What to buy: If you have ever wanted to own fractional gold (less than an ounce) from countries around the world, I have just found a great source. Singapore, Isle of Man, Brittania, Russia, China, Hungary and more. They are a good value and unique. Silver – I have a plentiful supply of 1800’s and early 1900’s silver dollars, very worn, but with a very low premium over spot. Call if you are interested.
Quote of the day: “Of all the contrivances for cheating the laboring classes of mankind, none has been more effective than that which deludes them with paper money.” – Daniel Webster
