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<p>[QUOTE="CheetahCats, post: 1049378, member: 23874"]The question is whether the operative clause <i><b>"All persons engaged in a trade or business"</b></i> applies to private individuals. I believe the IRS is still working on guidance.</p><p><br /></p><p><b>The Patient Protection and Affordable Care Act</b></p><p><br /></p><p><a href="http://www.gpo.gov/fdsys/pkg/PLAW-111publ148/html/PLAW-111publ148.htm" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://www.gpo.gov/fdsys/pkg/PLAW-111publ148/html/PLAW-111publ148.htm" rel="nofollow">SEC. 9006. EXPANSION OF INFORMATION REPORTING REQUIREMENTS.</a> (do a browser find/search on "SEC. 9006.")</p><p> (a) In General.--Section 6041 of the Internal Revenue Code of </p><p>1986 <<NOTE: 26 USC 6041.>> is amended by adding at the end the </p><p>following new subsections:</p><p><br /></p><p> ``(h) Application to Corporations.--Notwithstanding any regulation </p><p>prescribed by the Secretary before the date of the enactment of this </p><p>subsection, for purposes of this section the term `person' includes any </p><p>corporation that is not an organization exempt from tax under section </p><p>501(a).</p><p> ``(i) Regulations.--The Secretary may prescribe such regulations and </p><p>other guidance as may be appropriate or necessary to carry out the </p><p>purposes of this section, including rules to prevent duplicative </p><p>reporting of transactions.''.</p><p> (b) Payments for Property and Other Gross Proceeds.--Subsection (a) </p><p>of section 6041 of the Internal Revenue Code of 1986 is amended--</p><p> (1) by inserting ``amounts in consideration for property,'' </p><p> after ``wages,'',</p><p> (2) by inserting ``gross proceeds,'' after ``emoluments, or </p><p> other'', and</p><p> (3) by inserting ``gross proceeds,'' after ``setting forth </p><p> the amount of such''.</p><p><br /></p><p> (c) Effective Date.--The amendments made by this section shall apply </p><p>to payments made after December 31, 2011.</p><p><br /></p><p><b>Below, <a href="http://codes.lp.findlaw.com/uscode/26/F/61/A/III/B/6041" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://codes.lp.findlaw.com/uscode/26/F/61/A/III/B/6041" rel="nofollow">26 U.S.C. Section 6041</a>. New text in Red</b></p><p><br /></p><p>All persons engaged <u><i><b>in a trade or business</b></i></u> and making payment in</p><p>the course of such trade or business to another person, of rent,</p><p>salaries, wages, <span style="color: red"><b>amounts in consideration for property,</b></span></p><p>premiums, annuities, compensations, remunerations,</p><p>emoluments, or other <b><span style="color: red">gross proceeds,</span></b> fixed or determinable gains, profits, and</p><p>income (other than payments to which section 6042(a)(1),</p><p>6044(a)(1), 6047(e), 6049(a), or 6050N(a) applies, and other than</p><p>payments with respect to which a statement is required under the</p><p>authority of section 6042(a)(2), 6044(a)(2), or 6045), of $600 or</p><p>more in any taxable year, or, in the case of such payments made by</p><p>the United States, the officers or employees of the United States</p><p>having information as to such payments and required to make returns</p><p>in regard thereto by the regulations hereinafter provided for,</p><p>shall render a true and accurate return to the Secretary, under</p><p>such regulations and in such form and manner and to such extent as</p><p>may be prescribed by the Secretary, setting forth the amount of</p><p>such <b><span style="color: red">gross proceeds,</span></b> gains, profits, and income, and the name and address of the</p><p>recipient of such payment.[/QUOTE]</p><p><br /></p>
[QUOTE="CheetahCats, post: 1049378, member: 23874"]The question is whether the operative clause [I][B]"All persons engaged in a trade or business"[/B][/I] applies to private individuals. I believe the IRS is still working on guidance. [B]The Patient Protection and Affordable Care Act[/B] [URL="http://www.gpo.gov/fdsys/pkg/PLAW-111publ148/html/PLAW-111publ148.htm"]SEC. 9006. EXPANSION OF INFORMATION REPORTING REQUIREMENTS.[/URL] (do a browser find/search on "SEC. 9006.") (a) In General.--Section 6041 of the Internal Revenue Code of 1986 <<NOTE: 26 USC 6041.>> is amended by adding at the end the following new subsections: ``(h) Application to Corporations.--Notwithstanding any regulation prescribed by the Secretary before the date of the enactment of this subsection, for purposes of this section the term `person' includes any corporation that is not an organization exempt from tax under section 501(a). ``(i) Regulations.--The Secretary may prescribe such regulations and other guidance as may be appropriate or necessary to carry out the purposes of this section, including rules to prevent duplicative reporting of transactions.''. (b) Payments for Property and Other Gross Proceeds.--Subsection (a) of section 6041 of the Internal Revenue Code of 1986 is amended-- (1) by inserting ``amounts in consideration for property,'' after ``wages,'', (2) by inserting ``gross proceeds,'' after ``emoluments, or other'', and (3) by inserting ``gross proceeds,'' after ``setting forth the amount of such''. (c) Effective Date.--The amendments made by this section shall apply to payments made after December 31, 2011. [B]Below, [URL="http://codes.lp.findlaw.com/uscode/26/F/61/A/III/B/6041"]26 U.S.C. Section 6041[/URL]. New text in Red[/B] All persons engaged [U][I][B]in a trade or business[/B][/I][/U] and making payment in the course of such trade or business to another person, of rent, salaries, wages, [COLOR=red][B]amounts in consideration for property,[/B][/COLOR] premiums, annuities, compensations, remunerations, emoluments, or other [B][COLOR=red]gross proceeds,[/COLOR][/B] fixed or determinable gains, profits, and income (other than payments to which section 6042(a)(1), 6044(a)(1), 6047(e), 6049(a), or 6050N(a) applies, and other than payments with respect to which a statement is required under the authority of section 6042(a)(2), 6044(a)(2), or 6045), of $600 or more in any taxable year, or, in the case of such payments made by the United States, the officers or employees of the United States having information as to such payments and required to make returns in regard thereto by the regulations hereinafter provided for, shall render a true and accurate return to the Secretary, under such regulations and in such form and manner and to such extent as may be prescribed by the Secretary, setting forth the amount of such [B][COLOR=red]gross proceeds,[/COLOR][/B] gains, profits, and income, and the name and address of the recipient of such payment.[/QUOTE]
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