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<p>[QUOTE=&quot;Gipper1985, post: 937602, member: 22390&quot;]&quot;Congress also recently passed a new information reporting provision requiring expanded information reporting on payments made from businesses to corporations, <u>and on payments businesses make for goods</u>.&quot;</p><p>&nbsp;</p><p>IRS Commissioner Douglas H. Shulman - May 27, 2010</p><p>&nbsp;</p><p><a href="http://www.irs.gov/newsroom/article/0,,id=223835,00.html" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://www.irs.gov/newsroom/article/0,,id=223835,00.html" rel="nofollow">http://www.irs.gov/newsroom/article/0,,id=223835,00.html</a></p><p>&nbsp;</p><p>A payment a business makes for goods, could be interpreted as a coin shop buying inventory from anyone, because it happens in the ordinary course of the shops business.&nbsp; I an not saying it will be interpreted that way, I am only saing it could be.</p><p>&nbsp;</p><p>The jist of the Commissioners remarks, if you read the rest of his speech, is that even he dosen&#039;t know exactly what this new law means. </p><p>&nbsp;</p><p>&quot;That is why we will be spending the next several months soliciting input from businesses of all types and sizes before proposing regulations to implement the law.&quot; - Shulman</p><p>&nbsp;</p><p>My point is that it could be as bad as some people think it will be or as meaningless, there is no way yo tell until the IRS decides how they want to interpret it. Even then it still may end up in tax court.[/QUOTE]</p><p><br /></p>

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