The new regulations, which kick in at the start of 2012, require any taxpayer with business income to issue 1099 forms to all vendors from whom they purchased more than $600 of goods and services that year.
But the cost of that paper trail could swamp the small companies, sole proprietors freelancers forced to generate it. Pennsylvania business networking organization SMC Business Councils surveyed its members and found that they currently average 10 filings a year of 1099 forms. The new rules would push that average to more than 200 filings per year for a typical small business, the industry group estimates.
So, all of us real estate investors will get to send 1099’s to Walmart, Home Depot, Joe the painter, etc, etc, etc - an average of more than 200 times!!! :bs …and sending the paperwork will be the easy part. You’re going to have to carefully categorize and run reports for each vendor so you’ll know exactly how much each vendor received. Socialist Scumbag!
BTW - this is part of the Osama’s HEALTHCARE BILL! I thought that healthcare bill was supposed to SAVE US MONEY! ANOTHER BIG LIE!
Calling him Osama really does end any reason to argue with you. Even if you hate Obama, he isn’t a terrorist and wouldn’t create plans to murder thousands of innocent Americans.
Should show a little respect for the people and families that where actually affected by Osama.
Even if you hate Obama, he isn't a terrorist and wouldn't create plans to murder thousands of innocent Americans.
Should show a little respect for the people and families that where actually affected by Osama.
he isn't a terrorist and wouldn't create plans to murder thousands of innocent Americans.
The Socialist in Chief is WORSE than any terrorist. Osama Bin Laden killed 3,000 people and destroyed a couple of buildings. Barack Hussein Obama is INTENTIONALLY destroying our country and the way of life that hundreds of thousands of Americans have died to protect. In just this one incident, he’s likely destroying the lives of tens of thousands of Americans. He’s a disgrace and certainly hasn’t earned ANY respect.
I agree that 1099 filings for every vendor would be onerous for small business.
However, one bad law will NOT destroy the lives of thousands of Americans. That is nonsense.
You keep forgetting that there is a Senate and a House of Representatives that formulate and pass the laws. The President doesn’t dream up laws and then wave his magic wand. He just signs them.
Bad laws have a way of being repealed or amended. Give your lawmakers a little credit. They are not stupid, and they would like to get reelected, too.
And can easily be complied with if your small business is organized. Hell, Peachtree does it for you and all I have to do is buy the postage required to fulfill the obligation. I agree the healthcare law absolutely sucks for the most part but this part of it is the LEAST of my worries.
It’s not going to be as simple as printing the 1099’s and sending them to the providers of goods and services. First of all, I don’t have addresses for these vendors. What address do I use to send a 1099 to Lowes? Sears? Walmart? and the hundred other vendors I used last year, etc, etc, etc. Once we’ve gathered all this useless information; put it in the software; printed out the 1099’s; and sent them to the vendors - I’m sure that we’ll be required to provide the info to the IRS also - which will require some more paperwork and wasted time. The point is that it’s all a complete waste of time and money and increases the burden on small business.
More drama FDJake? The 1099 debacle is just one more example of a socialist government that wants to control every facet of our lives. Do you support that. Go ask your union rep and get back to us with an answer. LOL!