http://money.cnn.com/2010/11/12/smallbusiness/baucus_1099_repeal/index.htm?source=cnn_bin&hpt=Sbin I had to post this since it is SO relevant to the business side of coin collecting. I know it's hard to keep the politics out of this; let's just avoid partisan party politics and stick to the issue. I am NOT trying to stir up a fire ant's bed here. Basically, a measure was induced last year to require small businesses to track ALL purchases from ALL customers and report 1099 forms when a customer's annual total exceeded $600. This caused a FIRESTORM of intense reaction amongst many coin dealers. :devil: :devil: :devil: I have heard the issue come up many times and have never heard one good thing about it. Now, it appears it will be repealed THANK YOU GOD.
I was just reading that very same article... it sure will be a thorn out of my side. We would have had to do something like 50-60 a week... a nightmare definitely.
This is why our representatives should read the bills before they vote on (or sign) them. We should not have to pass the bill so we can find out what's in it.
Thanks to all those who contacted their representatives and urged them to vote to repeal this stupid add on in the Heath Care reform act under the heading " The Paper reduction " clause. I know I did my share .
In my case we took our Representative back to where we got him and picked up a new high efficiency model. The old one had deficient hearing.
I emailed my represenatative and he wrote me back and is against it too. It would mean dealers would go BUST if it goes through!
Bump. The most recent issue of Coin World has an article regarding this topic. Looks like common sense will prevail ! It's a non-partisan issue; the repeal has bi-partisan support. As for those unimpressed with Congress, rest assured it's nothing new. I'm reading a biography of George Washington; it's appalling how the ineptitude of the Continental Congress neglected General Washington and his men. They suffered terribly because of the inaction of Congress.
Right you are, MPC. Fortunately, cooler and wiser heads prevailed. The system worked; this turkey will be roasted, baked, and fried up !!! hahahahaha
My favorite dealer said if it doesn't get repealed, he's closing his shop. I'm sure he's not the only one! Let's pray that congress gets smart about this one.
