[meteorite-list] 1099s coming?

From: Richard Montgomery <rickmont_at_meteoritecentral.com>
Date: Fri, 14 Jan 2011 17:15:13 -0800
Message-ID: <94934B821B334C8694A1338F3BE7F2A7_at_bosoheadPC>

Hello List...

Potential legislation mandating the issuance of 1099s to all documented
transactions, and obviously those tied with a digital/cyber signature, has
promted me to write this. I don't know the bill's name, but we've all heard
about it, and the implications. From what I understand, transactions
between any and all entities that exceed $600/year and/or each transaction
will mandate the generation of the issuance of a 1099 to all parties.

I woke up to this fact when I heard that eBay will potentially be issuing
mandated tax-consequence 1099s to all who participate at that level. I
can't imagine the nightmare logistics, but can certainly imagine the impact
of on-line transactions if this legislation is actually passed.

It stands to reason that all cyber transactions will be subject to this
imposition, including private trades and sales though this very List.

So, naturally, I'm putting the subject to us all to consider. I hope to get
some input, positive and/or negative, to whether my issues are valid. So,
please chime in. Fortunately, through this List I've made some contact with
people I trust, although haven't yet met.

Please advise...

-Richard Montgomery
Received on Fri 14 Jan 2011 08:15:13 PM PST