I guess I've got to send a 1099 to Costco?

[EL PRESIDENTE]

http://online.wsj.com/article/SB10001424052748704913304575371033842971968.html

Starting in 2012, businesses could have to file hundreds of millions of new 1099 information reports with the Internal Revenue Service. The forms will be due whenever a firm buys more than $600 a year in goods or services from a vendor, even when the vendor is a giant company like Staples. They are designed to stop people and businesses from underreporting income.

 

[THE HCP]

I'm confused.

 

[EL PRESIDENTE]

If you're spending $600 or more at a vendor, you have to send them a 1099.

You're an independant contractor right? more forms to fill out!

 

[THE HCP]

What the fuck! I'll have my accountant deal with that shit! Every year I have about 10 or so W-2's and 15 1099's! Such a pain in the ass! 3 summers ago I filled out State Income Tax forms for about 13 states! CRAZY!

 

[EL PRESIDENTE]

TAco Bell gets one too!

 

[JfizzleBlazer]

I believe this is just for business to business transactions, not consumer to business transactions... Am I wrong?

 

[MikeDC]

I believe this is just for business to business transactions, not consumer to business transactions... Am I wrong?

The "just" in your sentence implies it somehow matters.

 

[Paxil]

You don't send anything to *Costco*... you send it to the IRS. Perhaps then tje IRS takes that info and adds up all the $$ business that spent at Costco (in reality though it isn't the big companies they are going to catch... but much smaller ones) If Costco reports less income that the what all the other companies say they spent there... something is wrong (Costco under reported their income). Also if you are somehow spending more money than your reported income... something is awry.

I'm not an accountant (though it might be good to be one now) =) but I am thinking it will be a pain for some companies to get all the taxids etc... to report this. Companies are already going to track their expenses... now they just have to put them on a report to the IRS.

 

[BLAZER PROPHET]

What the fuck! I'll have my accountant deal with that shit! Every year I have about 10 or so W-2's and 15 1099's! Such a pain in the ass! 3 summers ago I filled out State Income Tax forms for about 13 states! CRAZY!

Just curious, but will BeerBoy have to send one to your wife? Or her to him?

 

[THE HCP]

Just curious, but will BeerBoy have to send one to your wife? Or her to him?

Ah, Snap! Well played.

 

[JfizzleBlazer]

Costco also receives a copy of the 1099 actually.

 

[EL PRESIDENTE]

So..if you run a small store, and a business buys $600 or more of stuff, you have to have a fucking 1099 for every one of your customers now? for sales (not a service)?

wtf.

 

[JfizzleBlazer]

So..if you run a small store, and a business buys $600 or more of stuff, you have to have a fucking 1099 for every one of your customers now? for sales (not a service)?

wtf.

Unfortunately it looks that way.

 

[Idog1976]

http://online.wsj.com/article/SB10001424052748704913304575371033842971968.html

Yeah this whole thing is utter BS. Way to go Obushma.

 

[EL PRESIDENTE]

what's the compliance rate going to be on this? I imagine very very fucking low. like single digits.

 

[EL PRESIDENTE]

awesome! repealed!!!!

http://www.latimes.com/business/la-fi-small-business-tax-20110406,0,2131736.story

Congress has repealed a tax provision that small businesses said would have buried them in paperwork and forced them to pay for hours of extra accounting services.

The provision, passed last year as a way to raise money to pay for healthcare reform, would have forced all businesses to file special tax forms to report anyone with whom they did more than $600 worth of business in a given year.

The repeal was welcomed by small-business owners and advocates across the nation, who had fought hard to push Congress and the White House to withdraw support from a measure that President Obama had initially favored.

"This would have been an administrative nightmare for small business," said Scott Hauge, a small-business advocate who runs an insurance brokerage in San Francisco. Had it gone into effect as planned next year, Hauge's firm would have had to process 700 of the forms, up from 25 that he has to file currently, he said.

Hauge said he had never seen an issue galvanize the small-business community as quickly or as powerfully as this.

fuck you Obama!!!!! :MARIS61:

 

[3RA1N1AC]

wow that would have been a nightmare

 

[maxiep]

Now that they've passed ObamaCare, they don't have to pretend they care about how much it will cost. Of course they repealed this silly part of the bill.

 

[PapaG]

what's the compliance rate going to be on this? I imagine very very fucking low. like single digits.

That's why the IRS is going to fund 1054 new agents next year, as a start.

The Internal Revenue Service says it will need an battalion of 1,054 new auditors and staffers and new facilities at a cost to taxpayers of more than $359 million in fiscal 2012 just to watch over the initial implementation of President Obama’s healthcare reforms. Among the new corps will be 81 workers assigned to make sure tanning salons pay a new 10 percent excise tax. Their cost: $11.5 million.

http://www.usnews.com/news/blogs/wa...care-reform-law-requires-new-irs-army-of-1054

"We have to pass the bill so you can see what's in it" - Nancy Pelosi

[video=youtube;hV-05TLiiLU]

 

[PapaG]

Now that they've passed ObamaCare, they don't have to pretend they care about how much it will cost. Of course they repealed this silly part of the bill.

Exactly. Plus, the $500 billion Medicare "cut" that they had the CBO double count to get under $1 trillion is back in the bill, so it's already way over projected CBO costs.

But, Paul Ryan wants to kill old people, according to the DNC. Why the Democrats can't act like adults and actually debate the problems we confront is frustrating to me. It's the same old tired act, year after year after year. The GOP are racists, they hate old people, they only support the rich, blah blah blah.

 

[EL PRESIDENTE]

and they love to teabag meaning they love to have a scrotum dipped in their mouth then out, then in again and repeated over and over again.

 

[3RA1N1AC]

if that figure is correct, the irs will pay its tanning auditors 141k a year

 

[3RA1N1AC]

and they love to teabag meaning they love to have a scrotum dipped in their mouth then out, then in again and repeated over and over again.

until all of the flavor has been removed from the bag

 

[MARIS61]

awesome! repealed!!!!

http://www.latimes.com/business/la-fi-small-business-tax-20110406,0,2131736.story



fuck you Obama!!!!!

Like most parts of the healthcare bill that people object to, Obama neither proposed or wrote that reg, nor was he in favor of it.

 

[MARIS61]

if that figure is correct, the irs will pay its tanning auditors 141k a year

The figure appears to be for all 1054 part-time positions, at about $10,911 each.

The bulk of the $359 million is a one-time cost for new facilitites and equipment and software changes needed to implement the system.

And we'll get it all back eventually by catching tax cheats:

It's not all tough news for taxpayers. The IRS regularly pays for its enforcement team and more when they collect taxes that companies and individuals try to skip out on. According to the budget documents, the IRS plans to get a big return on investment worth about $279 million by fiscal 2014.