Neal's Nuze
July 20, 2010
Get ready, folks........THIS is going to be an absolute nightmare for everyone who has even the smallest business. The record keeping and reporting is going to be over-whelming.
Quote:
Well, you do know what a 1099 form is, don't you? If you make a payment to someone in the course of conducting your trade or business you are supposed to report that payment to the IRS on a 1099 form, with a copy to the person or business to whom you made the payment. The old law was that you didn't have to report payments to a corporation or payments for such things as merchandise, utilities, shipping or other similar transactions.
Well ... that was BO. Before ObamaCare.
Now things are different. Starting in 2012 you'll have to file a 1099 with the IRS for any business, person or entity to whom you make payments in excess of $600 during any taxable year. This, of course, would include anyone you hire to do some minor labor during the year ... but would also include any corporation, no matter how big, to whom you make payments in excess of $600.
Boortz goes on to give several examples and a link to further explanation.
Link
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'Always love your country — but never trust your government!' - Robert Novak
