Coin dealers feel stung by tax reporting rule

[jeff of pa]

"it will drive gold and coin transactions underground."

"It will immediately establish a black market,"


Although all small businesses are potentially affected by the law, the loudest outcry has come from coin dealers. An ABC News story has prompted many to call for the rule's repeal.

Some members of Congress have responded and are trying to get the provision - set to go into effect in 2012 - removed.

"I signed up 10 new co-sponsors just today because of the article," said Rep. Dan Lungren, R-Gold River, who introduced legislation to repeal the rule in April.

Lungren's bill, HR5141, has been languishing in the House Ways and Means Committee since then, even though it has more than 100 co-sponsors.

"We've got people calling us now. We are getting calls from all over the country from folks that deal in gold coins."

Lungren said the the rule is offensive, because it assumes that many people who sell goods to businesses are cheating on their taxes.


http://www.recordnet.com/apps/pbcs.d...A_NEWS/7260310

[jeff of pa]

1099 Form Not Tax Hike

http://www.numismaster.com/ta/numis/...rticleId=12738