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#1
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URGENT CALL TO ACTION 1099 REPEAL
CALL TO ACTION 1099 REPEAL
On Monday, November 29, the Senate will vote on Senator Mike Johanns’ (R-NE) proposal to repeal the new Form 1099 filing requirements. The fully funded proposal will be considered as an amendment to the Food Safety Modernization Act, S. 510. Senator Max Baucus (D-MT) has proposed a Form 1099 repeal that is virtually identical to Senator Johanns’ proposal but lacks an offset to maintain budget neutrality. Senator Johanns’ amendment directs the Office of Management and Budget to identify $39 billion in unspent and unobligated accounts to replace the revenue that might have been generated by the 1099 paperwork mandate. Your Action is Needed: Contact your Senators and urge them to support the Johanns Amendment when it comes up for a vote on Monday, November 29. Go to www.senate.gov or www.house.gov to find your Members of Congress and their websites. TELEPHONE 202-224-3121. Numismatists United for Political Action (NUPA) is a grassroots organization with a mission to educate and inspire the coin collecting community to stand up and be heard in Washington. To learn more about NUPA and join (its free) our grassroots outreach visit: http://groups.google.com/group/coincollectorsunited Nicholas Pyle, Coordinator Numismatists United for Political Action (NUPA) Post Office Box 25001 Georgetown Station Washington, DC 20027-8001 202-333-9190 http://groups.google.com/group/coincollectorsunited |
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#2
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URGENT CALL TO ACTION 1099 REPEAL
On Nov 23, 9:30*am, Nick Pyle wrote:
CALL TO ACTION 1099 REPEAL My CPA is Briggs & Veselka here in Houston, and they have assured me that there is nothing to this 1099 thing...they have been getting calls all summer from people believing it requires a paper form on everything over $600 that a person buys or sells, and that it is sinisterly aimed at tracking gold coins, but it applies only to rents, dividends, lawyer fees, and has no effect on the ordinary person. Looks like it has been spread on Limbaugh, Hannity, Fox News and other conservative outlets. Why are you still spreading misinformation? |
#3
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URGENT CALL TO ACTION 1099 REPEAL
as i understand the 2012 1099:
an individual correct no big deal. a small business will now have to issue a 1099 to (examples only) the power company the gas company the office supply store the cell phone company the landline company sam's club walmart billly bob's catering every gas station they buy more then $600 worth of gas per year. note not just one 1099 to "big brand gasoline" but every station since they are likely seperately owned all their suppliers of goods all their suppliers of services etc etc etc sure, why would this cost more it's only a little paperwork right? On Nov 23, 2:04*pm, Steve wrote: On Nov 23, 9:30*am, Nick Pyle wrote: CALL TO ACTION 1099 REPEAL My CPA is Briggs & Veselka here in Houston, and they have assured me that there is nothing to this 1099 thing...they have been getting calls all summer from people believing it requires a paper form on everything over $600 that a person buys or sells, and that it is sinisterly aimed at tracking gold coins, but it applies only to rents, dividends, lawyer fees, and has no effect on the ordinary person. Looks like it has been spread on Limbaugh, Hannity, Fox News and other conservative outlets. Why are you still spreading misinformation? |
#4
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URGENT CALL TO ACTION 1099 REPEAL
This is from ICTA - google it if you don't know the organisation.
CLEARING UP 1099 CONFUSION The NEW 1099 Law - IRS Form 1099-MISC This 1099 law (Section 9006 of the health care bill passed earlier this year) is scheduled to go into effect January, 2012. Under this law you will have to report ALL purchases of goods and services over $600 (including smaller purchases aggregated over the full year.) Yes, that includes your retail clients, your fellow dealers (no more corporate exemption), office supply stores, show travel providers (hotels & airlines), etc. Small businesses and associations (including ICTA) have protested this provision so fervently that Congress – and even President Obama – have acknowledged that it is a problem. Potential fixes include repeal of Section 9006 (ICTA’s strongly preferred solution), raising the dollar amount threshold to $5,000, exempting businesses with fewer than 25 employees, and exempting transactions paid for via credit or debit cards. However, the administration is extremely sensitive to the word “repeal” as applied to any part of the health care bill. This is a top priority issue for ICTA, and we will be keeping you posted on any changes or proposed changes where we may need you to weigh in with your Members of Congress. So in layman's terms - if you sell $600 or more to a single dealer in 2012 they are required to file a 1099 form with the IRS. That form includes your ss#. The IRS computers will check income reported by your 1040 schedule D & E and if you fail to report that 1099 income I guarantee you will find greetings mail and a possible request to visit with the IRS if not in person by mail. Your ultimate prize for failure to report is time share from club fed. google Wesley Snipes to learn more about that. For the guy with a top notch accountant in Houston run this by them for confirmation that this isn't issue. Also check with the US Chamber of Commerce and National Federation of Independent Business websites. I repeat you need to find a new accountant otherwise. For those of you who question my motives, I am indeed a Federal and state government relations expert. I used to be a lobbyist but that term doesn't carry much water. I am also a life long coin collector, vest pocket dealer with an eBay store search napyle, Nick's Morgan Stop. I am a life member of ANA, Virginia Numismatics Association, the National Silver Dollar Round Table, Original Hobo Nickel Society, supporter of ICTA and an affliate member of the Professional Numistmatist Guild. I also am the volunteer political Director for Gold & Silver PAC see GoldandSilverPAC.org for more about that and the nine key issues for the coin, currency and precious metals community. My best wishes to all for a Hapy Thanksgiving. I urge you take a minute and link to your Senators offices to send a message about 1099 repeal - the Johann's or Baucus proposal - both work to solve the issue. |
#5
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URGENT CALL TO ACTION 1099 REPEAL
Thank you for clarifying your connection to numismatics. I see now that
your motives are well founded and can be taken at face value. So I do apologize for (almost) jumping the gun. However, as a long-time resident and participant in the DC lobbying scene, I'm sure that you understand why my initial (if erroneous) suspicions were raised. Capitol Hill has more bogus front groups crawling its halls than a Bowery flop-house has bed bugs. "Nick Pyle" wrote in message ... This is from ICTA - google it if you don't know the organisation. CLEARING UP 1099 CONFUSION The NEW 1099 Law - IRS Form 1099-MISC This 1099 law (Section 9006 of the health care bill passed earlier this year) is scheduled to go into effect January, 2012. Under this law you will have to report ALL purchases of goods and services over $600 (including smaller purchases aggregated over the full year.) Yes, that includes your retail clients, your fellow dealers (no more corporate exemption), office supply stores, show travel providers (hotels & airlines), etc. Small businesses and associations (including ICTA) have protested this provision so fervently that Congress – and even President Obama – have acknowledged that it is a problem. Potential fixes include repeal of Section 9006 (ICTA’s strongly preferred solution), raising the dollar amount threshold to $5,000, exempting businesses with fewer than 25 employees, and exempting transactions paid for via credit or debit cards. However, the administration is extremely sensitive to the word “repeal” as applied to any part of the health care bill. This is a top priority issue for ICTA, and we will be keeping you posted on any changes or proposed changes where we may need you to weigh in with your Members of Congress. So in layman's terms - if you sell $600 or more to a single dealer in 2012 they are required to file a 1099 form with the IRS. That form includes your ss#. The IRS computers will check income reported by your 1040 schedule D & E and if you fail to report that 1099 income I guarantee you will find greetings mail and a possible request to visit with the IRS if not in person by mail. Your ultimate prize for failure to report is time share from club fed. google Wesley Snipes to learn more about that. For the guy with a top notch accountant in Houston run this by them for confirmation that this isn't issue. Also check with the US Chamber of Commerce and National Federation of Independent Business websites. I repeat you need to find a new accountant otherwise. For those of you who question my motives, I am indeed a Federal and state government relations expert. I used to be a lobbyist but that term doesn't carry much water. I am also a life long coin collector, vest pocket dealer with an eBay store search napyle, Nick's Morgan Stop. I am a life member of ANA, Virginia Numismatics Association, the National Silver Dollar Round Table, Original Hobo Nickel Society, supporter of ICTA and an affliate member of the Professional Numistmatist Guild. I also am the volunteer political Director for Gold & Silver PAC see GoldandSilverPAC.org for more about that and the nine key issues for the coin, currency and precious metals community. My best wishes to all for a Hapy Thanksgiving. I urge you take a minute and link to your Senators offices to send a message about 1099 repeal - the Johann's or Baucus proposal - both work to solve the issue. |
#6
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URGENT CALL TO ACTION 1099 REPEAL
Thanks MazorJ I look forward to being and active poster in this group. Cheers and Happy Turkey Day to all. Nick |
#7
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URGENT CALL TO ACTION 1099 REPEAL
On Nov 24, 8:51*pm, Nick Pyle wrote:
Thanks MazorJ I look forward to being and active poster in this group. *Cheers and Happy Turkey Day to all. *Nick The motives of the people whp propose legislation is more important than the legislation itself in my opinion. A lot of legislation could be given short shrift if the motives for putting forward the legislation were required by law to be spelled out. Also lobbyists, and that means competing lobbyists, by definition, put their own interests above the welfare of the country. |
#8
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URGENT CALL TO ACTION 1099 REPEAL
"Tell it like it is." wrote in message ... On Nov 24, 8:51 pm, Nick Pyle wrote: Thanks MazorJ I look forward to being and active poster in this group. Cheers and Happy Turkey Day to all. Nick The motives of the people whp propose legislation is more important than the legislation itself in my opinion. A lot of legislation could be given short shrift if the motives for putting forward the legislation were required by law to be spelled out. Also lobbyists, and that means competing lobbyists, by definition, put their own interests above the welfare of the country. _____________ It also might be interesting to see the impact if the name and party affiliation of any pol who proposes legislation were hidden. Imagine the angst among the political sheep who wouldn't know if they would be supporting the legislation of their own party or not. |
#9
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URGENT CALL TO ACTION 1099 REPEAL
All gold coin transactions, buy or sell, over $600 will be reported to the
goverment. This is totally unconstituional. Check this chilling video. http://www.youtube.com/watch?v=YDJmmjLAHQ8 |
#10
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URGENT CALL TO ACTION 1099 REPEAL
"Nick Pyle" wrote in message ... CALL TO ACTION 1099 REPEAL This is a grab for our gold coins!!!! The Obamacare Gold Grab What does healthcare have to do with gold sales? In the minds of the fascist crafters of the Obamacare law: apparently a lot. Tucked away in the 2,300 page bill, in section 9006, is a provision that expands the scope of the Internal Revenue Service (IRS) Form 1099. Beginning Jan. 1, 2012, a Form 1099 will have to be filed to report to the IRS the purchase of all goods and services by small business and self-employed people that exceed $600 during a calendar year. This is an onerous bookkeeping nightmare for all small businesses. But precious metals dealers will really take a hit. “Coin dealers not only buy for their inventory from other dealers, but also with great frequency from the public,” Diane Piret, industry affairs director for the Council for Tangible Assets, told ABC News. “Most other types of businesses will have a limited number of suppliers from which they buy their goods and products for resale.” One coin dealer told ABC News he deals with about 1,000 customers each week and predicts he’ll be filling out between 10,000 and 20,000 tax forms per year because of the new law. “I’ll have to hire two full-time people just to track all this stuff, which cuts into my profitability,” he said. That may help the unemployment situation a little, or maybe not. Many dealers will have to cut loose some on their staff who actively contribute to their bottom line in order to hire someone just to create paperwork to satisfy the IRS. The ABC News report said the new tax provision was intended to mine what the IRS deems a vast reservoir of uncollected income tax and was included in the Obamacare bill as a way to pay for it. The new law is expected to raise $17 billion over the next 10 years. What this provision truly is is another attack on small business and a way to better track who is buying and selling gold. Just think, if you decide to sell some gold or silver to a dealer because you need some cash, the IRS is going to know about it. The establishment hates gold in the hands of the public. In 1933 President Franklin Delano Roosevelt confiscated gold from the American people. These new reporting requirements will make very it easy for an oppressive, overbearing, out-of-control fascist government to do it again. House Speaker Nancy Pelosi (D-Calif.) said we’d have to wait until the Obamacare bill was passed to learn what was in it. The bill was a stinker on the surface, but the deeper we dig the more odiferous it becomes. |
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