Posted on 01/27/2011 7:02:43 AM PST by freedombiz
Members of the U.S. Senate and House of Representatives seem to be jockeying for position to carry the bill that actually repeals the mandate for businesses and individuals to report every supplier paid more than $600 a year.
The so-called Form 1099 mandate was part of the health reform law Congress passed last year. Supporters said the reporting requirement is key to financing health reform by collecting an estimated $17 billion in unpaid federal taxes.
(Excerpt) Read more at jan.ocregister.com ...
“You don’t have to report anything you paid to Staples. Staples is a coorporation.”
You will have to report any expense of greater than $600 paid to a single entity. It has nothing to do with where you spend the money at. Corporations are no longer exempt starting in 2012.
Rev 13:17
so that no one can buy or sell unless he has the mark, that is, the name of the beast or the number of its name.
I believe you are right. You have to pass the law to learn what’s in it.
From what I’ve read there are actually several changes. The end game though is to collect more taxes. Right now if you spend $600 on office supplies you write it off.
There is nothing to really connect that $600 you write off to income for the place of purchase.
Look at the wasted effort expended at a time when
every minute counts toward getting this country
back on it’s feet.
As my old mentor told me, “If you can’t find the
time to do something RIGHT, where are you going
to find the time to do it over?”
The lost hours/money this administration is costing us
is a CRIME.
“You don’t have to report anything you paid to Staples. Staples is a coorporation.”
You will have to report any expense of greater than $600 paid to a single entity. It has nothing to do with where you spend the money at. Corporations are no longer exempt starting in 2012.
Exactly right - which means our small business that currently issues 10-15 1099's per year will be forced to issue hundreds of additional 1099's to all the corporations we buy from.
I don’t see it as a major time waster. I use quickbooks and it will do the 1099s fairly easily. of course if you don’t use QB and do the accounting manually it would be a royal pain.
Doesn't it say somewhere in Revelations that the anti-Christ would survive a wound to the head? Not that I really think that about Gabrielle Giffords, but the thought did cross my mind. How many people survive a wound like that without ending up like James Brady?
The end game though is to collect more taxes.
Most of my clients give me only their 1099’s because that is what the gov knows about. I know they have done a lot more work than that.
Yes there is. The receipt.
“Also remember that the one exemption to reporting the 1099 is if you pay by credit card. Think about that for a while....”
Yes, its exactly as I’ve stated. They want to track every dollar.
And no I’m not fooling myself. QB allows be to print 1099s with a simple report. Assuming of course I keep it up to date.
Yes the paper receipt which the IRS does not have access to in a real time fashion.
Answering all the requests (W-9)’s are the time waster, plus entering tax ID numbers.
You got that right
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