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Comment by ubernostrum | Hacker News Reader

[warning: common sense ahead]

Seriously. Chill out. The thing hasn't even been finalized yet, and there'll be public comment periods and reviews and all sorts of other stuff providing people an opportunity to go froth at the mouth about how this will be the end of the world or whatever.

In the meantime: take a deep breath. Relax. Read and learn. Get as much information as you can instead of going off half-cocked. And actually think through the things you'd like to say, because hyperbolic rants don't do anyone a damn bit of good.

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> The thing hasn't even been finalized yet, and there'll be public comment periods and reviews and all sorts of other stuff providing people like an opportunity to go froth at the mouth about how this will be the end of the world or whatever.

The legislation has been "finalized". The regs aren't written, but the mandate is pretty clear, so they can't have much effect.

If you're a biz and you pay in certain ways, you will have to issue a lot more 1099s than you do now. Regs may change the number by 1-2%, but they won't affect the order of magnitude.

It's my understanding there is a specific exemption to any purchases made with a Credit Card.

So now it's non CC company to company transactions > 600$/year which is a far smaller pool. The absolute worst possible case is total revenue / 600$ but the reality is most companies have a fairly small number of suppliers. So something like Ln (revenue / 1000) for the average small business.

Effectively banning cash/check/MO/wire transactions doesn't make this any better. This needs to go away.

That's my understanding as explained by my CPA a few minutes ago.

This will likely boost the prepaid anonymous credit card business (for those who don't like the government being able to track how they spend their own money).

> prepaid anonymous credit card business

Haven’t these been targeted by government regulation in the last couple years? I remember reading about police agencies wanting these banned (along with pre-paid cellphones) for enabling the drug trade.

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