And can the “1099” become the vehicle from which they get to slurp at the trough? That is the million dollar question I am asking....
1099A Acquisition or Abandonment of Secured Property and Cancellation of Debt.
1099B Proceeds from Broker and Barter Exchange Transactions
Form 1099-C Cancellation of Debt (Info Copy Only)
Form 1099-DIV Dividends and Distributions (Info Copy Only)
and so it goes. A separate tax form will be designed for this form of taxation.
I had a contract job with DalTile who had business in Canada which has a VAT. A quarterly report was submitted with the costs associated which each level of manufacturing of the Taltile products, Roofing tiles, floor tiles, glue, nails etc.