On 1099-Tax Reporting Requirements For Half Ounce Gold Transactions
• ZeroHedge.comStarting Jan. 1, 2012, Form 1099s will become a means of reporting to the Internal Revenue Service the purchases of all goods and services by small businesses and self-employed people that exceed $600 during a calendar year.
Is there a penalty for filing these forms if you're not self-employed and don't own a small business and didn't spend over $600? Because I'm interested in flooding the IRS with paper that they cannot handle. I'm thinking that creating piles and piles of transactions with random data from random people would be an excellent idea.
In 17 months, how little gold will it take to hit $600?