Log in or Sign up
Coin Talk
Home
Forums
>
Coin Forums
>
Bullion Investing
>
Repeal voted on and Passed.
>
Reply to Thread
Message:
<p>[QUOTE="Cloudsweeper99, post: 1118751, member: 3011"]Krispy, I think you are waaaayyyy underestimating how difficult this will be. In addition to collecting all of the required information at the point of every transaction, entering it into a system, entering it into the system in exactly the same format down to every letter and space to avoid duplication or understating annual totals [which will no doubt result in a fine], being able to do this accurately from multiple locations, getting people to provide accurate information, merging tax and normal accounting systems, which few businesses currently do, and making everything reconcile so that it can withstand audit, printing, postage, paying the accountant $100+ per hour to do this.... This is a total nightmare for everyone except perhaps the extremely large or extremely small business.</p><p><br /></p><p>Edit: A couple of other thoughts... Many companies use multiple systems at different locations or subsidiaries due to legacy issues in the company. Anyone who has attempted to merge systems will understand how difficult this will be. And you will need to find time to respond to a few dozen, or hundred, or thousand calls from people claiming the amount on their 1099 is wrong and demanding a corrected copy. This will all have to be researched and verified. There is a tendency to downplay how much work things can be because they are "automated."[/QUOTE]</p><p><br /></p>
[QUOTE="Cloudsweeper99, post: 1118751, member: 3011"]Krispy, I think you are waaaayyyy underestimating how difficult this will be. In addition to collecting all of the required information at the point of every transaction, entering it into a system, entering it into the system in exactly the same format down to every letter and space to avoid duplication or understating annual totals [which will no doubt result in a fine], being able to do this accurately from multiple locations, getting people to provide accurate information, merging tax and normal accounting systems, which few businesses currently do, and making everything reconcile so that it can withstand audit, printing, postage, paying the accountant $100+ per hour to do this.... This is a total nightmare for everyone except perhaps the extremely large or extremely small business. Edit: A couple of other thoughts... Many companies use multiple systems at different locations or subsidiaries due to legacy issues in the company. Anyone who has attempted to merge systems will understand how difficult this will be. And you will need to find time to respond to a few dozen, or hundred, or thousand calls from people claiming the amount on their 1099 is wrong and demanding a corrected copy. This will all have to be researched and verified. There is a tendency to downplay how much work things can be because they are "automated."[/QUOTE]
Your name or email address:
Do you already have an account?
No, create an account now.
Yes, my password is:
Forgot your password?
Stay logged in
Coin Talk
Home
Forums
>
Coin Forums
>
Bullion Investing
>
Repeal voted on and Passed.
>
Home
Home
Quick Links
Search Forums
Recent Activity
Recent Posts
Forums
Forums
Quick Links
Search Forums
Recent Posts
Competitions
Competitions
Quick Links
Competition Index
Rules, Terms & Conditions
Gallery
Gallery
Quick Links
Search Media
New Media
Showcase
Showcase
Quick Links
Search Items
Most Active Members
New Items
Directory
Directory
Quick Links
Directory Home
New Listings
Members
Members
Quick Links
Notable Members
Current Visitors
Recent Activity
New Profile Posts
Sponsors
Menu
Search
Search titles only
Posted by Member:
Separate names with a comma.
Newer Than:
Search this thread only
Search this forum only
Display results as threads
Useful Searches
Recent Posts
More...