Twisted Titan
10th April 2011, 08:14 AM
http://www.morgangold.com/news/20110406-repeal-of-form-1099-rules-reaches-obamas-desk.html
The price of Gold reached a new high of 1463.70 an ounce on Wednesday morning while Silver set a new 31 year high and is currently trading at $39.33 an ounce. That's not the only good news for Gold and Silver bullion investors after Congress approved legislation eliminating the new Form 1099 tax reporting requirements which have drawn heated protests from U.S. bullion and coin investors after the tiny provision was slipped into the Patient Protection and Affordable Care Act.
The provision is a small, easily overlooked 23 lines in Section 9006 of the new health care bill. Although the provision has nothing to do with health care, the government added it to help pay for the new health care programs. Section 9006 requires entities to file a Form 1099 with the IRS whenever they make transactions paying out $600 a year to another party.
The intent of the law was to ensure the reporting of all income to the government, thereby cutting down on tax evasion. The measure is now on its way to President Obama's desk after Senate passage by an 87-12 vote on Tuesday. Sen. Mike Johanns (R-Neb.), who introduced the Form 1099 repeal, said the Senate measure was identical to House of Representatives' version, so the measure avoids a conference committee delay and goes straight to the White House.
"I appreciate that my colleagues have seen the wisdom of avoiding further delays and getting this costly, looming paperwork burden off the backs of our job creators,” Johanns said. “We now need only a simple signature from the president and this bill will become law, saving jobs and much needed capital for our small businesses." Several news reports suggest that President Obama will sign the bill into law. The Industry Council for Tangible Assets (ICTA) said Tuesday night it was cautiously optimistic that the repeal will be signed into law. ICTA is a popular trade group for the rare coin, precious metals and tangible assets industry.
Don't leave your assets unprotected during these times of economic and geopolitical uncertainty, invest in physical Gold and Silver bullion and protect your wealth in 2011
The price of Gold reached a new high of 1463.70 an ounce on Wednesday morning while Silver set a new 31 year high and is currently trading at $39.33 an ounce. That's not the only good news for Gold and Silver bullion investors after Congress approved legislation eliminating the new Form 1099 tax reporting requirements which have drawn heated protests from U.S. bullion and coin investors after the tiny provision was slipped into the Patient Protection and Affordable Care Act.
The provision is a small, easily overlooked 23 lines in Section 9006 of the new health care bill. Although the provision has nothing to do with health care, the government added it to help pay for the new health care programs. Section 9006 requires entities to file a Form 1099 with the IRS whenever they make transactions paying out $600 a year to another party.
The intent of the law was to ensure the reporting of all income to the government, thereby cutting down on tax evasion. The measure is now on its way to President Obama's desk after Senate passage by an 87-12 vote on Tuesday. Sen. Mike Johanns (R-Neb.), who introduced the Form 1099 repeal, said the Senate measure was identical to House of Representatives' version, so the measure avoids a conference committee delay and goes straight to the White House.
"I appreciate that my colleagues have seen the wisdom of avoiding further delays and getting this costly, looming paperwork burden off the backs of our job creators,” Johanns said. “We now need only a simple signature from the president and this bill will become law, saving jobs and much needed capital for our small businesses." Several news reports suggest that President Obama will sign the bill into law. The Industry Council for Tangible Assets (ICTA) said Tuesday night it was cautiously optimistic that the repeal will be signed into law. ICTA is a popular trade group for the rare coin, precious metals and tangible assets industry.
Don't leave your assets unprotected during these times of economic and geopolitical uncertainty, invest in physical Gold and Silver bullion and protect your wealth in 2011