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Let's talk about form 1099K & form 8300.
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<p>[QUOTE="Owle, post: 833010, member: 22004"]<b>8300 and Other Forms</b></p><p><br /></p><p><br /></p><p> </p><p>I have done FOIA's that tell me what the IRS has in terms of records on me. To the best of my knowledge Individual Master Files must be provided to the taxpayer indicating what they have on you. They don't have the programs to separate out net profits. If they want to know your gross income, they could probably get it from bank records--but it would take some doing. At this point, the IRS and other agencies are looking for suspicious actions, substantial enough to warrent scrutiny and government action. They are using data mining and profiling programs--how do you fit into the typical demographic for your occupation? Coin dealers are an anomoly. Because of the complication of going through all the records to find basis, verify deductions and so forth they don't make a very profitable target. </p><p> </p><p>They should IMHO make a special exception in the case of "cash for gold" and other scammers and sic the C.I.D. wolves on them![/QUOTE]</p><p><br /></p>
[QUOTE="Owle, post: 833010, member: 22004"][b]8300 and Other Forms[/b] I have done FOIA's that tell me what the IRS has in terms of records on me. To the best of my knowledge Individual Master Files must be provided to the taxpayer indicating what they have on you. They don't have the programs to separate out net profits. If they want to know your gross income, they could probably get it from bank records--but it would take some doing. At this point, the IRS and other agencies are looking for suspicious actions, substantial enough to warrent scrutiny and government action. They are using data mining and profiling programs--how do you fit into the typical demographic for your occupation? Coin dealers are an anomoly. Because of the complication of going through all the records to find basis, verify deductions and so forth they don't make a very profitable target. They should IMHO make a special exception in the case of "cash for gold" and other scammers and sic the C.I.D. wolves on them![/QUOTE]
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Coin Talk
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Let's talk about form 1099K & form 8300.
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