1099's

[MudMoney]

Last month the House or was it the Senate failed to drop the 1099 issue as it applied to $600 purchases in the Heath care bill.My understanding is that using your credit card for purchases you will be exempt from that requirement.As I avoid using a credit card when ever possible as I only have one anyway,this has me reconsidering using one for business.I would want to use one to get plane tickets,what should one be aware of in selecting a credit card for this use.

 

[borumrm]

Last month the House or was it the Senate failed to drop the 1099 issue as it applied to $600 purchases in the Heath care bill.My understanding is that using your credit card for purchases you will be exempt from that requirement.As I avoid using a credit card when ever possible as I only have one anyway,this has me reconsidering using one for business.I would want to use one to get plane tickets,what should one be aware of in selecting a credit card for this use.

I talked to my accountant and he says his firm believes that this part of the bill will be repealed.....I guess it is a wait and see. He did not indicate any provision of exemption if you used a credit card.

 

[pitzerwm]

There are no exemptions: It might be repealed, but don't hold your breath.

I just spent 3 days trying to wire money out of the country, from one of my accts to another one of my accts. guess what you now need permission from homeland security. In 2012 it will require more crap and in 2014, it might be impossible. This is hidden in the business stimulus bill passed this year. The permission is actually part of the patriot act. Of course, it doesn't say that you need permission, but they have the banks asking the questions or they won't wire it for you. You can send a check without the permission part, so far.

 

[pitzerwm]

There are no exemptions: It might be repealed, but don't hold your breath.

I just spent 3 days trying to wire money out of the country, from one of my accts to another one of my accts. guess what you now need permission from homeland security. In 2012 it will require more crap and in 2014, it might be impossible. This is hidden in the business stimulus bill passed this year. The permission is actually part of the patriot act. Of course, it doesn't say that you need permission, but they have the banks asking the questions or they won't wire it for you. You can send a check without the permission part, so far.

 

[MudMoney]

So we are back to wait and see,thanks for your input