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Illurian00
July 15, 2010, 12:35
Section 9006 of the health care bill -- just a few lines buried in the 2,409-page document -- mandates that beginning in 2012 all companies will have to issue 1099 tax forms not just to contract workers but to any individual or corporation from which they buy more than $600 in goods or services in a tax year.


The stealth change radically alters the nature of 1099s and means businesses will have to issue millions of new tax documents each year.




http://money.cnn.com/2010/05/05/smallbusiness/1099_health_care_tax_change/

martin35
July 15, 2010, 13:06
Sounds preparatory to a Value Added Tax.
The good news is 2012 comes after 2010,,, so we will have time to grow the trees to make the paper to print the forms that sucks the life's blood out of the country,,, or alter some socialist mandates.
Where can you go to resign from all these noble efforts?

J308
July 15, 2010, 13:06
Crap.. so how many more cowpies are in that field?

renaissance_warrior
July 15, 2010, 14:13
Just one more way to create a criminal due to non-compliance. The IRS is freaking out about it too. Imagine the processing and filing costs for the government as well in staffing alone.

RG Coburn
July 15, 2010, 14:39
And what will happen is companies just won't spend over $600 on any one company or individual. They'll split it over many.

Illurian00
July 15, 2010, 14:40
Hey RW,,,

Wasn't their a report a few months back that the IR&S was planning to hire hire some sixteen thousand enforcement agents? and wasn't tyheir a report not too long ago the said agency was buying a big bunch of gunzz ?
'plan the work,,,work the plan":devil:

flopshot
July 15, 2010, 14:47
1099 for goods ? there's more to this than meets the eye.

John Culver
July 15, 2010, 14:53
Originally posted by flopshot
1099 for goods ? there's more to this than meets the eye.

yes 1099 for goods

and new forms for all electronic payments

renaissance_warrior
July 15, 2010, 18:34
Illurian, that is true, but that was for the health care compliance group. A serious irony there, armed health care collections agents.

SWOHFAL
July 15, 2010, 21:26
Originally posted by renaissance_warrior
Illurian, that is true, but that was for the health care compliance group. A serious irony there, armed health care collections agents.

But you WILL comply.

Illurian00
July 15, 2010, 22:48
"Who knows what evil lurks in the hearts of men' ?

or what these koernhoelin' snake eyed rats are ckooking up

Rich@CGW
July 15, 2010, 23:05
It's all purchase's Combined from any one company or individual that total up to $600 or more for the entire year's worth of purchase's.

So if your spending 50k a month (say 50 orders) on goods/merchandise, you'll run out of different companies to split it up, pretty darn fast.

Imagine how many 1099's a big hospital or Vegas casino will have to create.

renaissance_warrior
July 16, 2010, 16:53
It will be great for an army of new mindless bureaucrats that want to turn us into Italy.

one hand clapping
July 17, 2010, 14:00
The only winning move is to NOT play the game.