Know Common Cents wrote:Don't think anyone mentioned the likely new 1099 reporting requirements for single or cumulative transactions over $600 in a calendar year. Something like this could sink your average coin shop quicker than most anything else. I know there's been a movement to abolish this requirement, but I don't believe that this has been repealed. My understanding is that this was included as part of Obama's health care reform package. Sort of an unintended consequence, but devastating nonetheless.
Actually, I think it stinks. This will encourage more cash transactions under the radar or owners will just pull the hook and give up. Sad. Really sad.
A version of the repeal already passed the House, but the Senate has a different version that hasn't passed yet.