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To: pgkdan
Sad, but true. Our business is in the same situation. It isn't fun for us either. We are doing it because our accountants are telling us that the government is going to require it.

The stupid American sheeple decided there would be few or no checks on Fedzilla last November.

One possible loophole: corporate credit cards and contractors which accept them. We aren't required to get W-9 information for this type of payment.

I can't prove it but I suspect the banksters had this provision written into law so they could skim just a little piece of every business transaction.

20 posted on 03/21/2013 1:18:17 PM PDT by Vigilanteman (Obama: Fake black man. Fake Messiah. Fake American. How many fakes can you fit in one Zer0?)
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To: Vigilanteman

If John Doe accepts your credit card as payment for a bill for $432, his credit card processor will send him a 1099 at the end of the year which includes this $432 as part of the total of all charges processed. The 1099 will be issued under whatever tax id or ss# the business used at the time they signed up for the processing service.

Everybody wants to get their fingers in this pie. Texas has a big issue with determining whether someone is paid as an employee or independent contractor and a pretty lengthy list of rules to define the difference. If they can establish that you don’t meet the criteria as an independent contractor, the person paying you has to pay Texas Workforce fees which go into the unemployment tax fund.

Some cities require you to get a dba and pay a license fee and business taxes, Houston loves their money from this source. Banks require dba documentation as well as a tax id# for a business account. My bank treats business accounts for a sole proprietor as both a business and personal account so I can deposit checks to and from both the business and my name in the same account but I don’t pay any fees because I qualify for no fee banking as a business account.

It does get a little crazy trying to sort through all the city, county and federal regs and the Franks-Dobbs fiasco didn’t make it any easier.


23 posted on 03/21/2013 2:04:01 PM PDT by Grams A (The Sun will rise in the East in the morning and God is still on his throne.)
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