Dear Jim,

Section 9006 of the Patient Protection & Affordable Care Act (Healthcare Reform) amended the IRS Code of 1986 to require reporting (i.e. 1099) of all "amounts in consideration of property" and "gross proceeds" greater than $600.

http://democrats.senate.gov/reform/patient-protection-affordable-care-act-as-passed.pdf

http://www.law.cornell.edu/uscode/html/uscode26/usc_sec_26_00006041—-000-.html

If I’m reading this correctly, it means that anytime you sell something (gold/silver coins for example) and receive $600 or more in proceeds that business must report that sale to the IRS. This previously was not the case.

H.R. 5141 has been introduced which repeals this amendment to the IRS code.

http://www.washingtonwatch.com/bills/show/111_HR_5141.html

Here is the IRS code with the amendments (underlined and bold) included.

IRS Code of 1986
TITLE 26, Subtitle F, Chapter 61, Subchapter A, PART III, Subpart B

§ 6041. Information at source

(a) Payments of $600 or more

All persons engaged in a trade or business and making payment in the course of such trade or business to another person, of rent, salaries, wages, amounts in consideration of property, premiums, annuities, compensations, remunerations, emoluments, gross proceeds, or other fixed or determinable gains, profits, and income (other than payments to which section 6042 (a)(1), 6044 (a)(1), 6047 (e),6049 (a), or 6050N (a) applies, and other than payments with respect to which a statement is required under the authority of section 6042 (a)(2), 6044 (a)(2), or6045), of $600 or more in any taxable year, or, in the case of such payments made by the United States, the officers or employees of the United States having information as to such payments and required to make returns in regard thereto by the regulations hereinafter provided for, shall render a true and accurate return to the Secretary, under such regulations and in such form and manner and to such extent as may be prescribed by the Secretary, setting forth the amount of such gross proceeds, gains, profits, and income, and the name and address of the recipient of such payment.

Regards,
CIGA Tom

Dear CIGA Tom,

Yes, let’s not forget lawn sales, auto trade ins, and your children’s lemonade stand if successful.

Orwellian, to say the least.

Regards,
Jim