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Welshwatchman · 29 March 2011, 08:02 AM

I'm no comedian Greg ... just a wit.

To be more precise ... a half wit.

toph · 29 March 2011, 08:12 AM

Quote:

Originally Posted by Tools

Your bookeeper needs to go back to Tax school.......

So, it is still debateable if this rule applies to an individual. If so, and left as is, you would also need to provide 1099's to the grocery store, the gas station, your landscaper/houskeeper, or anybody else that you purchased more than $600 worth of goods or services during the entire tax year.. It would be more than a watch... New tires on the car - 1099; New bedroom mattress - 1099; Air-conditioner go out - 1099. Well, you get the idea...

exactly.

nch209 · 29 March 2011, 08:19 AM

Very informative post.

onkyo · 29 March 2011, 08:41 AM

Quote:

Originally Posted by SteelerFan1965

I am a senior officer with the IRS and am currently gathering names as we speak. If you could promptly email me the name of the seller I will follow up with him in writing. Thanks for your compliance and patriotic duty. We are currently experiencing a shortfall and are looking for all of the revenue we can find. Thanks again!

Ken, please add my name --> Greg ...... but I go by 'Mosco'.

Mosco · 29 March 2011, 09:05 AM

Quote:

Originally Posted by onkyo

Ken, please add my name --> Greg ...... but I go by 'Mosco'.

I just peed a little.

Saxon007 · 29 March 2011, 09:12 AM

Quote:

Originally Posted by Mosco

I just peed a little.

Your new Delta name is "Squirt".

TimeToGo · 29 March 2011, 09:19 AM

I have sent him numerous emails and even tried to buy another watch from him and he will no longer respond to me. He has not sent the EIN as he promised.

Don't look in the Who's who...

HL65 · 29 March 2011, 09:32 AM

Quote:

Originally Posted by Welshwatchman

That reminds me Ken.

I need the money printer back. I'm hankering after a nice vintage Daytona also.

Be sure to mark it as a "gift" and fill in form IRS form K155MYA55

HL65 · 29 March 2011, 09:35 AM

Quote:

Originally Posted by Mosco

I just peed a little.

Pav and Greg - fear not you guys just got a free lifetime hall pass. No taxes due!

bewithabob · 29 March 2011, 09:35 AM

Quote:

Originally Posted by Welshwatchman

I'm no comedian Greg ... just a wit.

To be more precise ... a half wit.

I guess that makes me and quite possibly a few more of us 1/4 wits: qwits 1/6th wits: ...(swit?)

every time i have made direct transactions on my bank I have thought-

the tax man...thats one for you nineteen for me ....

beowulf566 · 29 March 2011, 09:37 AM

They really better figure this thing out before 2012. i would hate to get audited because I nereded some milk and eggs

enronforme · 29 March 2011, 09:52 AM

Just read this thread and the only thought I had was- REALLY?????
Bob

ps. But I did like Greg's humor throughout

Route 66 · 29 March 2011, 09:55 AM

Quote:

Originally Posted by Mosco

Larry - I'd love to be sitting next to you during trivia games...

Yeah, as long as you're not playing against him.

Art161 · 29 March 2011, 11:41 AM

Quote:

Originally Posted by Dan2010

You should also be paying sales tax or a use tax too but I bet your bookkeeper didn't mention that.

For the 2010 California Resident Income Tax Return (Form 540), that would be Side 2, line 95, if the seller did not collect the tax.

STEELINOX · 29 March 2011, 12:06 PM

Quote:

Originally Posted by Mosco

I just peed a little.

Youra sick pup, Greg

Dr. Robert · 29 March 2011, 12:09 PM

if you drive a car I'll tax the street
if you try to sit I'll tax your seat
if you get too cold I'll tax the heat
if you take a walk I'll tax your feet

Andad · 29 March 2011, 12:25 PM

Quote:

Originally Posted by wdalew5

If this had been me asking this question, the thread would have locked and I would have been sent the principles office....

We HAVE no 'principles' on this Forum.

Right Greg?

rr-nyc · 29 March 2011, 01:15 PM

Quote:

Originally Posted by Tools

Your bookeeper needs to go back to Tax school.......

Here is the gist:

Section 9006 of the health care bill -- just a few lines buried in the 2,409-page document -- mandates that beginning in 2012 all companies will have to issue 1099 tax forms not just to contract workers but to any individual or corporation from which they buy more than $600 in goods or services in a tax year.

So, it is still debateable if this rule applies to an individual. If so, and left as is, you would also need to provide 1099's to the grocery store, the gas station, your landscaper/houskeeper, or anybody else that you purchased more than $600 worth of goods or services during the entire tax year.. It would be more than a watch... New tires on the car - 1099; New bedroom mattress - 1099; Air-conditioner go out - 1099. Well, you get the idea...

As stated, this does not apply to an individual purchasing from a corporation or another individual.

In order for anyone to issue a 1099, the issuer (payor) needs the EIN/FID so unless the person buying has their own company, there is no need to even think about it. I would say this OP's accountant is an idiot. If anything, the seller/corporation has every right to request the buyers SSN in order to complete an IRS Form 8300 for cash purchases over $10k

Maxfli · 29 March 2011, 01:23 PM

Quote:

Originally Posted by rr-nyc

i would say this op's accountant is an idiot.

Bingo!

Medtech · 29 March 2011, 01:33 PM

Why would you need to pay tax on a "used" watch??

The seller, well that's between them and the IRS.

Mosco · 29 March 2011, 01:39 PM

Quote:

Originally Posted by directioneng

We HAVE no 'principles' on this Forum.

Right Greg?

Having principles is against our principles...

Art161 · 29 March 2011, 01:48 PM

Quote:

Originally Posted by Medtech

Why would you need to pay tax on a "used" watch??

The seller, well that's between them and the IRS.

From the buyer's perspective, we are talking about sales or use tax, not income tax. The IRS has nothing to do with sales or use tax; it is a state matter.

As to why you have to pay sales or use tax on a "used" anything, it's because that's what the law in some states says. Let's not try equate law with logic here.

Boopie · 29 March 2011, 01:57 PM

I believe California collects sales tax on used cars...about a dozen years ago I sold my brother in law my (very) used car for about 1/2 of what it was worth (a favor to him)...and I had to charge and collect sales tax on the sale, and send it in to the DMV when I signed over the pink slip (title document).

skyedog · 29 March 2011, 02:48 PM

Seriously

Why you need to tell the IRS what you bought? unless you try to write it off.....

As I know with IRS "Don't ask don't tell"

bayerische · 29 March 2011, 03:06 PM

Quote:

Originally Posted by Mosco

TRF is filled with comedians today... I've been giggling like a teenage girl pretty much the whole day in the office.

Funny how? I mean, funny like I'm a clown?

Zed Homme · 29 March 2011, 04:45 PM

Quote:

Originally Posted by Tools

Your bookeeper needs to go back to Tax school.......

Here is the gist:

Section 9006 of the health care bill -- just a few lines buried in the 2,409-page document -- mandates that beginning in 2012 all companies will have to issue 1099 tax forms not just to contract workers but to any individual or corporation from which they buy more than $600 in goods or services in a tax year.

So, it is still debateable if this rule applies to an individual. If so, and left as is, you would also need to provide 1099's to the grocery store, the gas station, your landscaper/houskeeper, or anybody else that you purchased more than $600 worth of goods or services during the entire tax year.. It would be more than a watch... New tires on the car - 1099; New bedroom mattress - 1099; Air-conditioner go out - 1099. Well, you get the idea...

Just after your first bold print, the law clearly states "all companies." I think we are safe on this one. Now if your company buys milk, eggs, landscaping services, tires, etc. it will have to file a 1099...

Cru Jones · 29 March 2011, 07:40 PM

Quote:

Originally Posted by rr-nyc

As stated, this does not apply to an individual purchasing from a corporation or another individual.

In order for anyone to issue a 1099, the issuer (payor) needs the EIN/FID so unless the person buying has their own company, there is no need to even think about it. I would say this OP's accountant is an idiot. If anything, the seller/corporation has every right to request the buyers SSN in order to complete an IRS Form 8300 for cash purchases over $10k

Quote:

Originally Posted by Zed Homme

Just after your first bold print, the law clearly states "all companies." I think we are safe on this one. Now if your company buys milk, eggs, landscaping services, tires, etc. it will have to file a 1099...

what if the trusted TRF seller is doing business as a company and not as an individual?

tnt · 29 March 2011, 11:05 PM

Quote:

Originally Posted by looking to buy

So, I have been lead to believe by my bookkeeper that any watches I buy on TRF, if I buy them from a US person, must have an IRS 1099 sent to them (the seller). I recently purchased a watch here from a very respected TRF seller. ( I will not mention his name now) He told me he would give me his employer identification number (payment went to a corporation) after the sale was completed.

I have sent him numerous emails and even tried to buy another watch from him and he will no longer respond to me. He has not sent the EIN as he promised. From what I understand, the IRS is making it mandatory that all purchases must have a 1099 sent to the seller, if the price exceeds $600. If I do not send one then I get hit with a monthly penalty for every month I am late. Or, I could send a notice to the IRS that the seller failed to provide it to me which could get him in trouble.

Now, it is true that this is only an issue if one of us gets audited but the penalty is such that I am not willing to take the chance. If he gets audited and I did not send it, then I get penalized. If I get audited and did not send it then I get penalized and he gets audited.

Do any of you tax guys know the rule? I understand that things tightened up a lot as of this year and that this is being closely monitored by them. I do not want to make a big deal out of it if it is different than what I understand it to be. But, I also do not want to get hit with big fines for failure to comply.

I know we all hate the tax guys, but I have been hit with some good sized fines in the past for failure to comply with things I did not know I had to comply with.

So if some of you tax guys could weigh in I would appeciate any advice.

I think you gave the seller a hard time. He may not want to deal with you any more in the future :-)

tnt · 29 March 2011, 11:07 PM

Quote:

Originally Posted by rr-nyc

As stated, this does not apply to an individual purchasing from a corporation or another individual.

In order for anyone to issue a 1099, the issuer (payor) needs the EIN/FID so unless the person buying has their own company, there is no need to even think about it. I would say this OP's accountant is an idiot. If anything, the seller/corporation has every right to request the buyers SSN in order to complete an IRS Form 8300 for cash purchases over $10k

right on

conrail · 29 March 2011, 11:12 PM

@OP - you're kidding right!?

This thread made me laugh out loud.

29 March 2011, 08:02 AM	#31
Welshwatchman "TRF" Member Join Date: Apr 2006 Real Name: Paul Location: Wales, UK Posts: 14,578	I'm no comedian Greg ... just a wit. To be more precise ... a half wit. __________________ ..33

29 March 2011, 08:19 AM	#33
nch209 "TRF" Member Join Date: Jul 2007 Real Name: Nathan Location: Northern Virginia Posts: 2,775	Very informative post. __________________ nch209

29 March 2011, 09:37 AM	#41
beowulf566 "TRF" Member Join Date: Dec 2010 Real Name: Matt Location: new hampshire Watch: Rlx,Omga,CyS,brtln Posts: 1,520	They really better figure this thing out before 2012. i would hate to get audited because I nereded some milk and eggs __________________ R.I.P. Smoke em' if you got em'

29 March 2011, 09:52 AM	#42
enronforme "TRF" Member Join Date: Jan 2007 Real Name: bob j Location: toledo, usa Watch: Love 'em all Posts: 525	Just read this thread and the only thought I had was- REALLY????? Bob ps. But I did like Greg's humor throughout __________________ 16610 Sub Date; 16570 Explorer ll (polar); GO Sport Evo; GP Seahawk ll; Tudor Hydronaut ll; Oris F1 Williams Chrono...

29 March 2011, 12:09 PM	#46
Dr. Robert 2024 SubLV41 Pledge Member Join Date: Dec 2009 Real Name: Bob Location: U.S.A. Watch: 1655 Posts: 64,312	if you drive a car I'll tax the street if you try to sit I'll tax your seat if you get too cold I'll tax the heat if you take a walk I'll tax your feet __________________ Founder & Card Carrying Member of the Global Association of Retro-Grouch-Curmudgeons

29 March 2011, 09:19 AM	#37
TimeToGo 2024 SubLV41 Pledge Member Join Date: Sep 2008 Location: North Florida Posts: 16,736	I have sent him numerous emails and even tried to buy another watch from him and he will no longer respond to me. He has not sent the EIN as he promised. Don't look in the Who's who...

29 March 2011, 01:33 PM	#50
Medtech Member Join Date: Jan 2011 Location: West-siide! Watch: it buddy! Posts: 334	Why would you need to pay tax on a "used" watch?? The seller, well that's between them and the IRS.

29 March 2011, 01:57 PM	#53
Boopie "TRF" Member Join Date: Aug 2007 Location: Beverly Hills, CA Watch: Yachtmaster Posts: 3,952	I believe California collects sales tax on used cars...about a dozen years ago I sold my brother in law my (very) used car for about 1/2 of what it was worth (a favor to him)...and I had to charge and collect sales tax on the sale, and send it in to the DMV when I signed over the pink slip (title document).

29 March 2011, 02:48 PM	#54
skyedog "TRF" Member Join Date: Dec 2010 Real Name: Joey Location: around the Bay Watch: ing TRF Posts: 1,942	Seriously Why you need to tell the IRS what you bought? unless you try to write it off..... As I know with IRS "Don't ask don't tell"

29 March 2011, 11:12 PM	#60
conrail "TRF" Member Join Date: Sep 2010 Location: Boston Posts: 3,177	@OP - you're kidding right!? This thread made me laugh out loud. __________________ "Oh, you give a f****' aspirin a headache, pal!"

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