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<p>[QUOTE=&quot;fatima, post: 1118710, member: 22143&quot;]Record keeping is a responsibility of business.&nbsp; Most small businesses, especially those with a few employees, have to have accountants do the record keeping because of the endless rules and regulations that now exist having to do with taxes and reporting.&nbsp;&nbsp; The 1099 requirement will increase this burden substantially because each 1099 that is written will have to be produced by an accountant, filed with the government and resolved on the tax forms.&nbsp;&nbsp; For a business following the law, it will increase their costs substantially because accountants are going to charge more for this.</p><p><br /></p><p>Furthermore if an individual sells a $600+ coin to a coin shop, they will be issued a 1099 and this can only be resolved on one&#039;s taxes with the long form.&nbsp;&nbsp; Else, the IRS will assume the entire sale is taxable income.&nbsp;&nbsp; </p><p><br /></p><p>This is an overreach by the government.[/QUOTE]</p><p><br /></p>

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