Posted on 02/03/2011 1:04:12 AM PST by gimmebackmyconstitution
Go back to the Dummy Underworld or go play with Kos Kids.
ZOT ALERT!!
I bet you earn no more than minimum wage huh?
I’m the VP of my company. Either your company is very small, with limited (and highly controlled) transactions, or you have more money than sense. The 1099 provision is a burden for my company because of the number of out-of-state business transactions.
“Under the table” contractors work for cash. The 1099 provision does nothing to cope with that other than put the burden on the wrong party.
The problem with speed cameras is two-fold. First, they aren’t always accurate. Second, you have little or no recourse (presumed guilty until proven innocent).
Like red-light cameras, they are pure revenue generators. Public safety is (at best) a secondary consideration.
Or it was done as a throw away in the event it got to yesterday.
NEWBIE ALERT!!! DU is missing an idiot.
I’m an accountant. This 1099 stuff has been a law on the books for many years. It has been largely ignored but it has been around for a while. Not sure why it was added to obamacare but it is a pain to do even if you have accounting software that tracks it.
Have you ever been to Kenya?
Are you kidding? Are you an unemployed accountant?
I am a teacher, graduate student, mother, and wife. In my spare time I have the privilege of sending out my husband’s 1099’s to his subcontractors. This last weekend he spend $600. I will now have to call and get that business’s fed. id. number, address, and exact business name. If any mistake is made on this information, the IRS will send us a letter informing us that the information did not match, but the IRS also adds “Don’t call them” and “Don’t do anything”. If something doesn’t match in a subsequent year, you get the same letter saying “Don’t call the IRS”, but they add “Take 30% out of future payments to the company”. Shouldn’t the IRS get on the phone and call those companies that are reporting wrong information or tell a business the EXACT problem with the information.
I find it funny(?) that if my husband paid with a credit card, we are exempt from reporting the expense on a 1099. So I don’t have to report Exxon, but I do have to report the small gas station down the road.
A subcontractor would be required to issue 1099’s. They would only send W2s to employees. A subcontractor could easily have employees who receive W2’s and other subcontractors who currently get a 1099. Regardless, a subcontractor would be paying for tools, gas, supplies, etc. and those expenses would require a 1099.
Signed up Jan 25, 2011.
Can you cite the code section or regulation that exempts credit card payments from the new 1099 rule?
I have an accounting practice, and I prepare 1099’s for my clients, and it’s onorous as it is. And, I expect to be charging my clients for preparing the 1099’s under the new rule at my full hourly rate, because January is busy enough with w-2 preparation, and preliminary year end work. Why should businesses have to bear that expense?
Our professional society representatives have talked to people from big corps, who have no idea what they are going to do with the flood of 1099’s that they expect to be getting from their customers.
I say, repeal the 1099 rule completely, even the one that exists pre Obamacare.
The question should be for those who voted for it: Did you read the bill you voted for and, if so, why did you NOT OBJECT to the 1099 provision?
Maybe not a troll. Maybe one of those rarest of ducks in the pond - a guy who gets sexual gratification from filling out government paperwork.
Or else he’s one of these Super Patriot law and order types.
SUCK IT UP AND DO YOUR DUTY MAGGOT! When a superior bureaucrat tells you to jump you DO IT and once you’re in the air you ask how high!!!
Vary likely the cost of compliance will vastly overwhelm any additional revenue collected because of this.
It’s like law that forces you for every dollar you send in to the government you must burn two more.
I think you still live with Mommy and Daddy, go to your local institute of higher liberalism and think more government, more regulation, more 'reasonable' taxes are the uptopian dream.
Thread winner!
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