1099's we've got to get this repealed

[cherokee235]

I just read an article in the Wall Street Journal of the onerous reporting requirements for 1099's in the healtcare bill. Anything you pay to a single payee more than $600 requires a 1099 sent. Pay the gas company 600- send one. Pay the city your water bill $600 send one. Pay the insurance premium $600, send one. Pay your carwash property taxes $600, send one. If you fly Southwest Airlines to the Carwash convention and pay $600 or more, send one.

On top of this, you are required to withhold 20% of the payment if the payee doesn't provide you a TIN. Yeah right, try that when you pay your water bill or when you buy that Southwest airline ticket. If you withhold the money, you then become the fiduciary for the withholding and have to sumbit the forms and payments to the IRS. Oh what fun.

Any annual aggregate purchase greater than $600 to any payee by credit card is exempt. Who lobbied that in there????

This is ruinous for American businesses. Here is a link to the WSJ article.

http://blogs.smartmoney.com/tax/2011/01/19/4-reasons-to-repeal-the-new-form-1099-rules/

 

[cherokee235]

I just called my House Rep and lobbied my opinion for him to vote for HR4 which is supposed to go to the floor for a vote this week. He is a democrat and voted for the healthcare bill, but I hope he will kill this stupid provision.

David

 

[pitzerwm]

You haven't seen anything yet. There is so much crap hidden in the Health bill and the business stimulus bill, that it will make being in business stupid. The House will kill the Health Bill, but the Senate won't and Obama has promised to veto it. By 2012 when the dems get thrown out, some things will be too late.

 

[mac]

We have to hold the fresh Republicans feet top the fire on this. Repeal the damn thing. While they're at it, get rid of the FCC,the Education department, and the energy department.

 

[Bossman]

We have to hold the fresh Republicans feet top the fire on this. Repeal the damn thing. While they're at it, get rid of the FCC,the Education department, and the energy department.

That's a good start! Everyone in business should read Economics in One Lesson by Henry Hazlett. It's priceless, and a very easy (and short) read. A high school freshman can understand economics after reading this book. Then, as soon as Obama comes out with his next "Plan" to "help" us, you'll be able to tell all your friends WHY it's going to fail. After that, all businessmen should read Atlas Shrugged, by Ayn Rand.