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 - Reflections of the Fifties - by "Country" Elliott. I remember rowing up in the 1950�s in a small, rural town in northwestern New Jersey. The closest town to ours was only 3 miles away, and there were seven dairy farms in the areas of these two country towns. We had 5 acres, and because my Dad was a salesman and not a dairy farmer, he let the Bockovens, who owned the Willow Tree Dairy farm most of our land.
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