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<p>[QUOTE=&quot;Jim M, post: 934846, member: 4791&quot;]Doug, the way that this new law is written is entirely different than the way we use the 1099 forms today.&nbsp;&nbsp; </p><p><br /></p><p>What has happened is that effective Jan. 1, 2012, the whole system of giving and receiving Internal Revenue Service 1099 forms will be turned on its head and all persons (including corporations) who are in business will now have to give 1099 tax reporting forms for coins and other goods that they sell as well as buy.</p><p><br /></p><p>This means that if you sell a dealer a coin or coins and receive 600.00 he HAS to according to this law 1099 you..&nbsp; Dealer to Dealer business will be the same way.. Anything over 600 gets a 1099..&nbsp; I spoke with my accountant and lawyer about this very thing yesterday.. Both say the same thing.. HOLD ON... its gonna get nasty.. This includes if you read the law, services.. SO, you hire a company to build you a deck.. guess what..&nbsp;&nbsp; You hire a guy to cut a tree down...guess what... You buy a 1909SVDB, guess what..&nbsp;&nbsp; I want to buy stock in the printers who will be printing 1099 forms.. The entire 1099 law is different now.. it not only applies to subs as Doug has said but to individuals as well.&nbsp;&nbsp; (H.R. 5141)&nbsp; Look it up gang...[/QUOTE]</p><p><br /></p>

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