0 votes

Tax code whammy in health care bill: ready to 1099 McD's?

This should be fun. Cato reports tax law changes slipped into a new health care bill would require businesses to file 1099 forms on ALL BUSINESSES WITH WHICH THEY DO MORE THAN $600 A YEAR WITH INCLUDING CORPORATIONS.

So get ready to 1099 McDonald's. The auto mechanic. The guy who changes the water in the water cooler, the landlord, the dog catcher, just have yourself a stack of 1099s with you wherever you go.

http://www.cato-at-liberty.org/2010/04/26/costly-irs-mandate...



Trending on the Web

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.

With respect,It has always been this way for B TO B

Business to business transactions of 300.00 or more have required a 1099 for many years,It appears they doubled the maximum before filing.The key here is Business to Business only.

If I disappear from a discussion please forgive me. My 24-7 business requires me to split mid-sentence to serve them. I am not ducking out, I will be back later to catch up.

Expanded

"And for the first time, 1099s are to be sent to corporations. This is a huge new imposition on American business, costing the private economy much more than any additional tax that the IRS might collect as a result."

Buy a computer at Best Buy, or tires for the delivery truck from Sears, and you have to 1099 them, too.

This is probably good news. The corporations will have to hire a bank of operators to give out their tax ID numbers and file the 1099s they're copied on. If they hear about the law and comply... As always, those who follow the law are punished most.

What do you think? http://consequeries.com/

It appears corporations will now have to

be honest about their actual sales totals.

If I disappear from a discussion please forgive me. My 24-7 business requires me to split mid-sentence to serve them. I am not ducking out, I will be back later to catch up.

I think the "JIST"

is... it's going to expand to private citizens, too.

I don't think so?

A 1099 is a contract between businesses or contractors,I really don't think it could be justified in any other way,the IRS would have to hire over half the country to keep track of it.As I said above,it was already this way before.

If I disappear from a discussion please forgive me. My 24-7 business requires me to split mid-sentence to serve them. I am not ducking out, I will be back later to catch up.

pay cash

pay cash and give a single finger salute to the IRS and their 1099s

I agree 100%............

They are extreme control freaks. Liberty Prevail!

"First they ignore you, then they laugh at you, then they attack you, then you win!"
GANDHI

"The belief is worthless if the fear of social and physical punishment overrides the belief."

BMWJIM's picture

Wouldn't this be necessary

to implement a VAT tax. How do they keep up with it in other countries. I smells of a forethought of VAT to me.

1976-1982 USMC, Having my hands in the soil keeps me from soiling my hands on useless politicians.