I understand what you are saying, but under the new rules, the 1099 has to be sent.
My question to my accountant was more or less with the 1099 in the hand of an IRS agent, how many times will the agent try to match the 1099 to the tax return of the person selling the truck. When there is no match, will the IRS go after unreported income and the associated tax even though it is not owed? I just see a whole lot of problems that we the tax payers are going to foot the bill for the IRS to chase it's tail and innocent people are going to spend lots of money fending off a greedy government agency. I'm willing to bet that this is a money losing proposition for all involved and after all the extra expense in enforcement, this will be a net tax loss for the government.
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Today's Featured Article - History of the Cockshutt Tractor - by Danny Bowes (Dsl). The son of a very successful Toronto and Brantford, Ontario merchant, and himself quite an entreprenuer, James G. Cockshutt opened a business called the Brantford Plow Works in 1877. In 1882, the business was incorporated to become the Cockshutt Plow Company. Along with quality built equipment, expedious demand and expansion made Cockshutt Plow Works the leader in the tillage tools sector of the farm equipment industry by the 1920's.
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