1099 Repeal Announcement
Good news for investors of precious metals. President Obama has just signed into law a repeal of the 1099 tax reporting requirement that was part of last year’s controversial healthcare legislation.
The Form 1099 tax reporting requirement was of great concern to the precious metals industry, as it would have compelled dealers selling precious metals to collect and report personal data to the Internal Revenue Service for any transaction with an aggregate value of $600 or greater.
This overlooked provision has drawn heated protests from gold and silver investors regarding the privacy issues and the rights of the American people to conduct private transactions that involve gold and silver. The provision has been called intrusive, arduous, and simply un-American.
The law would have also had a burdensome effect on businesses currently struggling to survive in today’s challenging economic climate. It is estimated that businesses would be saddled with literally billions of added 1099 reports that would need to be filed to the Internal Revenue Service beginning on January 1, 2012.
Phone: 253.217.7301
Washington Coin and Bullion Association
P.O. Box 11089, Tacoma, WA. 98411