Sign in to follow this  
Followers 0
Gamakatsu

1099's for everybody

Rate this topic

47 posts in this topic

This is just F'ed up. The burden on small businesses is going to be over the top. It could be the final nail in the coffin of our economy. Imagine, you're going to get a 1099 for buying a VS.kooky.gifkooky.gifkooky.gif

 

mad.gifmad.gifmad.gifmad.gifmad.gif

 

http://money.cnn.com/2010/05/05/smal...re_tax_change/

 

NEW YORK (CNNMoney.com) -- An all-but-overlooked provision of the health reform law is threatening to swamp U.S. businesses with a flood of new tax paperwork.

 

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.

Share this post


Link to post
Share on other sites

Believe it or not, many companies have been advised by their accounts to practice this for years now, it's not necessarily that big of a deal but yes, added PW.

Share this post


Link to post
Share on other sites
View PostThis is just F'ed up. The burden on small businesses is going to be over the top. It could be the final nail in the coffin of our economy. Imagine, you're going to get a 1099 for buying a VS.kooky.gifkooky.gifkooky.gif

mad.gifmad.gifmad.gifmad.gifmad.gif

 

 

http://money.cnn.com/2010/05/05/smal...re_tax_change/

 

What are we supposed to say, bruddah? You pushed for this for over two years right here on SOL.

I feel sorry for ya. You really did expect something else, didn't you?

Share this post


Link to post
Share on other sites
View PostBelieve it or not, many companies have been advised by their accounts to practice this for years now, it's not necessarily that big of a deal but yes, added PW.

 

 

View PostWhat are we supposed to say, bruddah? You pushed for this for over two years right here on SOL.

I feel sorry for ya. You really did expect something else, didn't you?

 

 

Lets see how the NEW dread plays out.

Share this post


Link to post
Share on other sites
View PostBelieve it or not, many companies have been advised by their accounts to practice this for years now, it's not necessarily that big of a deal but yes, added PW.

 

Do you think that John Q Consumer is going to think twice before buying a new VS, TV or any other high end good? Forget about the paperwork--That's manageable, but the buyer is going to disappear. Legitimate people don't want to hassled with this crap, not just the cheaters.

 

 

Gold prices are going to crash and silver is going to be the new "safe haven". The mint is already planning 5 oz silver coins or so I was told by a coin dealer. Wonder why....

Share this post


Link to post
Share on other sites
View PostThis is just F'ed up. The burden on small businesses is going to be over the top. It could be the final nail in the coffin of our economy. Imagine, you're going to get a 1099 for buying a VS.kooky.gifkooky.gifkooky.gif

 

mad.gifmad.gifmad.gifmad.gifmad.gif

 

 

http://money.cnn.com/2010/05/05/smal...re_tax_change/

 

Um... No, you wont get a '1099' from 'buying' anything. You would get a '1099' if you 'sold' said 'VS' to a Company, provided it was above $600.

Share this post


Link to post
Share on other sites

From what I have read there are over 10,000 new rules in this bill.

 

Not to mention the taxes that are about to hit us from other legislation.

 

I am a small buisness owner and like many of my friends who also own businesses we are not about to make a move hiring wise or investment wise until this all shakes out. NO WAY.

 

We are all completely in the dark. It is extremely frustrating both for me and my employees. Many are insecure in their jobs and I am just as apprehensive that I will have to lay some off.frown.gif

 

Apparently the big guys, corporations, etc; are in the same situation.

 

It is a crying shame what obama and crew is doing to the working man.

 

 

Dennis

Share this post


Link to post
Share on other sites
View PostUm... No, you wont get a '1099' from 'buying' anything. You would get a '1099' if you 'sold' said 'VS' to a Company, provided it was above $600.

 

redface.gifredface.gif

 

Coin dealer I know had told me that it was going to extend to retail consumers (it's only a matter of time). Probably should have taken the time to comprehend what I was reading. Still going to be a PIA for small time operators who don't have the capital to buy computer equipment, software and pay more accounting costs.

Share this post


Link to post
Share on other sites

I don't know the specifics but there are going to be a lot of unhappy small contractors if this is true.

 

I know many small guys that form corporations for no other reason than to avoid getting 1099's....wonder why.cwm40.gif

Share this post


Link to post
Share on other sites
View PostFrom what I have read there are over 10,000 new rules in this bill.

 

 

Not to mention the taxes that are about to hit us from other legislation.

 

 

I am a small buisness owner and like many of my friends who also own businesses we are not about to make a move hiring wise or investment wise until this all shakes out. NO WAY.

 

 

We are all completely in the dark. It is extremely frustrating both for me and my employees. Many are insecure in their jobs and I am just as apprehensive that I will have to lay some off.frown.gif

 

 

Apparently the big guys, corporations, etc; are in the same situation.

 

 

It is a crying shame what obama and crew is doing to the working man.

 

 

Dennis

 

You forgot about cap and tax.

Share this post


Link to post
Share on other sites
View Postredface.gifredface.gif

 

 

Coin dealer I know had told me that it was going to extend to retail consumers (it's only a matter of time). Probably should have taken the time to comprehend what I was reading. Still going to be a PIA for small time operators who don't have the capital to buy computer equipment, software and pay more accounting costs.

 

Correct, a 'Retail Customer' selling a 'Coin', not 'Buying'...........beers.gif

Share this post


Link to post
Share on other sites

There ain't enough ritalin in the world for some to read past the first page if this bill. 3/4sof the people that foisted it on us never read it. Do you really expect that thos that blindly follow and support them would read it?

 

Seriously????

Share this post


Link to post
Share on other sites
View PostYou forgot about cap and tax.

 

 

Oh no, I have not !smile.gif

 

There are many other things that are also likely to hit like max tax rate on my income.

 

 

I am a sole owner of 1 buisness and I have partners in 3 others.

 

We have 381 full time employees and 21 part time.

 

We are planning for the worst and hoping for the best. We hired a tax Attorney in early 2009 to try and keep up with developments when we saw the obama hand writing on the wall.

 

At this point we are estimating the possible layoffs of between 30-50 people by the first of the year.frown.gif

 

 

Dennis

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to register here in order to participate.

Create an account

Sign up for a new account in our community. It's easy!


Register a new account

Sign in

Already have an account? Sign in here.


Sign In Now
Sign in to follow this  
Followers 0

  • Recently Browsing   0 members

    No registered users viewing this page.