[meteorite-list] 1099s coming?

[Richard Montgomery]

Hello List...

Potential legislation mandating the issuance of 1099s to all documented 
transactions, and obviously those tied with a digital/cyber signature, has 
promted me to write this.  I don't know the bill's name, but we've all heard 
about it, and the implications.  From what I understand, transactions 
between any and all entities that exceed $600/year and/or each transaction 
will mandate the generation of the issuance of a 1099 to all parties.

I woke up to this fact when I heard that eBay will potentially be issuing 
mandated tax-consequence 1099s to all who participate at that level.  I 
can't imagine the nightmare logistics, but can certainly imagine the impact 
of on-line transactions if this legislation is actually passed.

It stands to reason that all cyber transactions will be subject to this 
imposition, including private trades and sales though this very List.

So, naturally, I'm putting the subject to us all to consider.  I hope to get 
some input, positive and/or negative, to whether my issues are valid.  So, 
please chime in.  Fortunately, through this List I've made some contact with 
people I trust, although haven't yet met.

Please advise...

-Richard Montgomery