Anyone else getting this story about 1099's (Full Version)

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Archer -> Anyone else getting this story about 1099's (7/19/2010 9:06:33 AM)

Seems inside that Healthcare bill They had to pass before we could know what was in it, was a provsion that requires businesses to 1099 everyone they do more than $600 a year worth of business with.

That's gonna suck for me with both my small business and with my regular job.

http://www.businessbrief.com/health-reform-means-more-paperwork-for-small-biz/

http://industry.bnet.com/technology/10007797/healthcare-bill-prescription-send-1099s-to-everyone-for-everything/

And about 894890479423 partisan right websites as well. It's a big buzz seems right now.

Maybe this is a jobs creation bill for accountants, LOL





mnottertail -> RE: Anyone else getting this story about 1099's (7/19/2010 9:15:24 AM)

the law had always been 1099s for over 600 far as I know.



Archer -> RE: Anyone else getting this story about 1099's (7/19/2010 9:18:49 AM)

That was for contractors, this says if I buy $600 in a year from Staples Inc I have to 1099 them
If IO rent cars from Avis at over $600 a year I have to 1099 them, If I buy $600 worth of leather in a year from Tandy I'll have to 1099 them.




mnottertail -> RE: Anyone else getting this story about 1099's (7/19/2010 9:27:14 AM)

I imagine it is a tightening up on compliance and truth in reporting, just like alotta things, attached to the healthcare bill, and not having anything to actually do with healthcare.

I have never liked that bullshit, a bill should be delineated and only about the central and surrounding issue to the bill. No add ons for rum and pirates and porn filmers in the banking bills, or whatever that was,  by example.



Archer -> RE: Anyone else getting this story about 1099's (7/19/2010 9:30:03 AM)

They are saying it will increase the number of 1099's every year by a factor of 20- 40 times.
What happened to Obama the environmentalist, This is a tree killer bill if I ever saw one. LOL

Might have drawn more attention to this post had I titled this post with that. LOL

Democrat healthcare bill is destroying the environment. LOL



domiguy -> RE: Anyone else getting this story about 1099's (7/19/2010 9:40:21 AM)

http://www.businessbrief.com/health-reform-means-more-paperwork-for-small-biz/

From the article quoted....

"It’s easy to see how the transactions could number into the hundreds, even thousands, in a typical year.

a. Why the change?

b. Why is it part of healthcare reform?

The answers:

a. The IRS wants more ways to track revenue, because the agency believes it’s missing out on $300 billion in unreported income.

b. Included in the health bill are changes aimed at raising the money needed to fund reform. The 1099 stipulation is one of those changes.

There’s some legislation being floated in Congress right now targeted at repealing the 1099 requirement. If no repeal gets passed, the new law will cover any transactions that take place after December 31, 2011."


I wouldn't worry your little head until Dec 31, 2011. I have a hunch that it will be repealed or greatly modified.

But the government is broke and I am confident that they are looking at ever means possible to get their hands on missed income and taxes.

Don't worry, it won't be much longer till everything will be electronic. The trees will still have leaves.



mnottertail -> RE: Anyone else getting this story about 1099's (7/19/2010 9:40:24 AM)

Well, I run a pawnshop, so if I buy 600+ from a guy off the street, I gotta 1099 him?

If you as a private citizen sell me your car, Arch, as a private citizen, I gotta 1099 you?

Do you have an actual linke to the provision? 

But yeah, governmental units shovel paperwork and shit on the day to day folk constantly. 



Archer -> RE: Anyone else getting this story about 1099's (7/19/2010 9:51:30 AM)

Section 9006 of the health care bill -- just a few lines buried in the 2,409-page document -- mandates that beginning in 2012 all companies will have to issue 1099 tax forms not just to contract workers but to any individual or corporation from which they buy more than $600 in goods or services in a tax year.

copied from CNN story so I hope the section citation is correct

http://money.cnn.com/2010/05/05/smallbusiness/1099_health_care_tax_change/


And to answer your questions Yes and Yes both would require a 1099.



mnottertail -> RE: Anyone else getting this story about 1099's (7/19/2010 10:04:51 AM)

Yeah, that fuckin sucks.  Goddammit!!!!!



BitaTruble -> RE: Anyone else getting this story about 1099's (7/19/2010 10:14:05 AM)


quote:

ORIGINAL: Archer

They are saying it will increase the number of 1099's every year by a factor of 20- 40 times.
What happened to Obama the environmentalist, This is a tree killer bill if I ever saw one. LOL

Might have drawn more attention to this post had I titled this post with that. LOL

Democrat healthcare bill is destroying the environment. LOL



Anyone with over 250 1099's will be required to file electronically, so I'm not too worried about the trees. The IRS exceptions will still apply so you won't have to 1099 for your merchandize or for services like telephone, storage, freight and gas which are supplied to your business. You will have to 1099 the plumber or electrician who comes in to repair your pipes or fix your lights, but.. you're supposed to be doing that already if the charges exceed $600 for a year. I don't think this will have as big an impact as people fear.



domiguy -> RE: Anyone else getting this story about 1099's (7/19/2010 10:14:05 AM)

No one will do it if it actually requires mailing out a form to the seller or the govt. Maybe it will be done on the spot of the transaction as part of the receipt? It would be the responsibility of the seller to act on it or not. Not sure how the buyer would transmit such data to the gov't.

Not even worth considering until 2012 and we will all be dead anyways.



MrRodgers -> RE: Anyone else getting this story about 1099's (7/19/2010 11:22:59 AM)

quote:

ORIGINAL: Archer

Section 9006 of the health care bill -- just a few lines buried in the 2,409-page document -- mandates that beginning in 2012 all companies will have to issue 1099 tax forms not just to contract workers but to any individual or corporation from which they buy more than $600 in goods or services in a tax year.

copied from CNN story so I hope the section citation is correct

http://money.cnn.com/2010/05/05/smallbusiness/1099_health_care_tax_change/

And to answer your questions Yes and Yes both would require a 1099.

Yep, I feel for the small businessman...I am one of them.

But you don't read the Cato Institute among others rant about the 60 years of lobbying that purchased most of our great 'free market' [sic] 20,000 page tax code.

Seems the costs associated with all of those burdensome what, say 19,000 pages and their corresponding reporting requirements are a mere pitance in my overall investment in our plutocracy.

No, we only hear and read about the great burden on small business who don't benefit from most corporate tax law, of reporting these requirements to discover tax cheating and something that serves society at large. Why am I not surprised ?



willbeurdaddy -> RE: Anyone else getting this story about 1099's (7/19/2010 11:43:57 AM)

I think the interpretation is overreaching and will be cleared up in regulations. The issue is what is meant by

"other fixed or determinable gains, profits, and income", and it is unlikely that purchases of goods is intended to fall under any of those categories.



Louve00 -> RE: Anyone else getting this story about 1099's (7/19/2010 11:54:54 AM)

Maybe its just not penetrating my already over-crammed skull, but if you spent (buy) $600 or more on your business, wouldn't you want to claim that as something you could write off?  Or are you saying this has gone beyond the small business owner and reached personal people?



willbeurdaddy -> RE: Anyone else getting this story about 1099's (7/19/2010 11:58:22 AM)


quote:

ORIGINAL: Louve00

Maybe its just not penetrating my already over-crammed skull, but if you spent (buy) $600 or more on your business, wouldn't you want to claim that as something you could write off?  Or are you saying this has gone beyond the small business owner and reached personal people?


Purchases are deductible with a receipt. That isnt the issue, its whether the buyer needs to send the IRS a 1099 so that the seller can be taxed on its "profits". Since the seller is already required to keep records on their sales and expenses, an interpretation that a 1099 is needed in addition to the existing record keeping doesnt make any sense.



Louve00 -> RE: Anyone else getting this story about 1099's (7/19/2010 12:01:34 PM)

Ahhh....no, its redondant. 



Louve00 -> RE: Anyone else getting this story about 1099's (7/19/2010 12:04:17 PM)

So , in essence...they want the purchaser to report any large purchases so a business can't pocket the money.  I suppose I see the point, but it makes me wonder how many businesses are operating that crookedly...and its not just the business owner, then...its his accountant, too, I would think...getting in trouble for not reporting it

I best just go back to work lol.



MrRodgers -> RE: Anyone else getting this story about 1099's (7/19/2010 12:07:33 PM)

quote:

ORIGINAL: Louve00

Maybe its just not penetrating my already over-crammed skull, but if you spent (buy) $600 or more on your business, wouldn't you want to claim that as something you could write off?  Or are you saying this has gone beyond the small business owner and reached personal people?

They would have us believe and I am not buying it yet, even upon the sale of your car for anything $600 & up...must be 1099ed.



Hippiekinkster -> RE: Anyone else getting this story about 1099's (7/19/2010 12:11:54 PM)

I seem to remember having to give my tax ID # to Sysco, Sexton, and all the other vendors I dealt with when I had my restaurant, so I could bypass paying sales tax.

The mechanism for providing Fed tax IDs is already in place. This might take an accountant an extra 20 minutes or so to input tax ID #s on order to print out compliant 1099s.

Sounds like another rethug faux-issue to me.



Archer -> RE: Anyone else getting this story about 1099's (7/19/2010 12:21:29 PM)

Every transaction over $600 for every business, each requiring an additional 30 minutes work. Not just the independent contractors, but the corporations as well.
pretty soon those 30 minutes start to amount to real time and real money.










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