Don’t Worry You Don’t Have to Report Your Gold…
July 27th, 2010…if you decide to use a credit or debit card. The new law that made its way into business requires buyers and sellers, extending outside of the precious metal market, to report their purchases and sales through a 1099 form.
It is suspected that this will help the federal government track income and profits that are not reported from individuals and businesses. The law goes into effect January 1st, 2012.
One gold dealer from Michigan states:
“I’ll have to hire two full-time people just to track all this stuff, which cuts into my profitability.”
He is most likely referring to the mounds of paper work from the IRS he will be receiving for his particular choice in business.
One particular congressmen introduced a piece of legislation to repeal this part of the bill because “it is a burden on small businesses.”
If gold (among other purchases and sales) are required to be tracked, doesn’t this increase the plausibility of a black market?
