Posted on 07/21/2010 4:55:08 AM PDT by EBH
The 1099 is a catch-all series of IRS documents used to report non-wage income from a variety of sources like contract work, dividends, earned interest and pension distributions. The new 1099-K aims to shine a light on a currently hard-to-track payment stream: credit cards. Starting in 2011, financial firms that process credit or debit card payments will be required to send their clients, and the IRS, an annual form documenting the year's transactions.
Starting in 2012, that changes. All business payments or purchases that exceed $600 in a calendar year will need to be accompanied by a 1099 filing. That means obtaining the taxpayer ID number of the individual or corporation you're making the payment to -- even if it's a giant retailer like Staples or Best Buy -- at the time of the transaction, or else facing IRS penalties.
"Just with business travel it would include hotels, rental cars," Henschke says. "Phone service: 1099. Computer service: 1099. Whoever does your postage meter: 1099. You do a little advertising, Yellow Pages: 1099. Your landlord: 1099. You might as well just keep them in your pocket and hand them out as you go around every day."
(Excerpt) Read more at money.cnn.com ...
There is a purpose.
This is unreal. I can’t imagine how businesses can be expected to comply.
The problem with the flat tax is what it would apply to, which would presumably be your income. And in that case, how do you report it to the government?
So even with a flat tax, you still have the IRS sitting in your living room 24/7.
The Fair Tax doesn’t even let them in the door.
If you want to know why the IRS needs to be abolished check this out
http://www.freerepublic.com/focus/f-chat/2488403/posts
They should just call it, the “Tax Accountant Full Employment Act.”
These are pieces of a giant puzzle. All these huge pieces of legislation contain parts of the puzzle. The bailouts had the electronic health record thing in it...long before the health care bill was a blip on our radar screen. Inside the health care bill ...tax reporting reforms using the 1099. What's inside the financial reform bill?
There will be absolutely nothing that doesn't get tracked, taxed, documented. I am wondering how they will follow cash?
Even my micro-enterprise will have to be issuing 1099s to my printer. The $600 figure captures even the smallest of businesses in one form or another.
So, the guy who cuts my lawn...that I've paid in cash for years...will now need a 1099 from me. We have no written contract, it is a handshake, old fashioned way of doing business.
Don’t forget that all these 1099’s will have your social security numbers on them. I wonder how our Congress will save us from this problem? Maybe a tattoo on our forehead.
...
House and Senate staffers "essentially have a cupboard full of convenient revenue raisers that they can put into bills when they need it," notes Chris Edwards, director of tax policy studies for the libertarian Cato Institute. In the case of the 1099 changes, he says, "this was sitting around, the IRS wanted it and had testified in favor of it, and they needed a revenue raiser. This was just a convenient thing."
It might have been convenient for them, but this is going to have very bad ramifications for our country.
I hope that if we can send a host of new representatives to Congress that they will have the good sense not to employ these same parasites who do this. We have no idea which one of them put this measure in the bill, and neither do our legislators.
All tax preparers must be registered and certified with the IRS by 2012. It sounds like that is not a big deal but there is a BIG difference between being certified by a professional association and being registered and certified by the government.
It’s a sales tax! I’m sure you’d like to see a sales tax of 25 percent like you see VAT taxes in Denmark! That’s really fair in my book. How about yours? That’ll really encourage people to get out there and spend, spend, spend!
How about we simply cut wasteful, government spending first and go back to a simple flat tax of say 5 or 10% for all individuals and all business? IIRC, Russia has a flat tax of 10 or so percent which has proven to be a real winner in encouraging people to create wealth.
Show me how a ‘fair’ tax is going to make the IRS go away. Does the fair tax fairy make the IRS go >POOF!<? I haven’t seen any fair taxers show me how that is going to happen.
The IRS will never go away. They are a most recalcitrant group of thugs who believe we the citizens have never paid enough and will never pay enough taxes to satisfy their hunger.
Another job killer from Obimbo.
Just swimming with the fish, and staying below the radar horizon.
No, no, you can get it applied to the back of your hand instead if you want. Now go back to sleep.
I understand. Everything they do has a purpose, my FRiend. The purpose is to increase their power and control.
All I can do is wish you luck.
I am just about done with all this junk.
Here’s the honest to gosh truth:
I don’t want to work anymore, I don’t want to have a bank account anymore, and I don’t want to have to see a dr., dentist, etc. anymore. I am ditching my credit cards.
I am done, just totally done.
All our freedom is gone. It is long past over for the United States.
Gotta jump in.
The “fairtax” is a national RETAIL sales tax or nrst. It is the polar opposite of a VAT.
The nrst shows the tax amount on each receipt. There is no more withholding. There is no more FICA tax. There is no more business tax hidden in higher prices, lower wages, or reduced ROI.
The flat income tax however IS a VAT. It is a “subtraction method VAT”. The flat income tax retains withholding. The flat income tax retains both ee and er FICA on top of the income tax. Business still must pay income taxes and pay them in by charging higher prices, paying lower wages, or reducing ROI. The flat income tax hides taxes.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.