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.
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.