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Plowboy
05-06-2010, 05:14 PM
If you have an LLC or other form of business read this. Can you imagine having to issue Sam's Club or Restaurant Depot a 1099 each year?

http://money.cnn.com/2010/05/05/smallbusiness/1099_health_care_tax_change/index.htm?source=cnn_bin&hpt=Sbin

bbqbull
05-06-2010, 05:37 PM
Wow!

Ford
05-06-2010, 05:41 PM
Sent a note to my accountant asking him about it. When I hear back I'll report in.

Jorge
05-06-2010, 05:44 PM
Sent a note to my accountant asking him about it. When I hear back I'll report in.

I already heard from mine, who is a friend. It looks like his fee may increase if he's going to be issuing the 1099 as he processes my receipts. He's still double checking the requirements.

jgh1204
05-06-2010, 09:34 PM
Will he charge you to issue a 1099 to him?:-P

Smokin Turkey
05-06-2010, 10:09 PM
I get it! Bail out the big businesses which account for 5% of the jobs in this country and screw the small businesses which account for 95% of employment.

I am so ready to renounce citizenship and be an illegal so I can get something free.

Plowboy
05-07-2010, 01:46 AM
I get it! Bail out the big businesses which account for 5% of the jobs in this country and screw the small businesses which account for 95% of employment.

I am so ready to renounce citizenship and be an illegal so I can get something free.

Actually, this is an equal opportunity farking. All businesses will have to suffer this in their AP and tax departments. Not only will businesses have to send out 1099's, but they'll have to report the ones they get from their customers, too.

Jorge
05-07-2010, 09:35 AM
Actually, this is an equal opportunity farking. All businesses will have to suffer this in their AP and tax departments. Not only will businesses have to send out 1099's, but they'll have to report the ones they get from their customers, too.

That's the way it's looking to me. The complexity, and amount of paper generated by this is staggering if you sit down and think about it. However, it's a forensic accountants dream.

Plowboy
05-07-2010, 10:33 AM
That's the way it's looking to me. The complexity, and amount of paper generated by this is staggering if you sit down and think about it. However, it's a forensic accountants dream.

I'm sure that little piece of the bill was sponsored by billing CPA's everywhere. Bill you to send 1099's and bill you at tax time to process incoming 1099's. Why did I change my major from accounting in college? :doh:

PCDoctor_1979
05-07-2010, 10:47 AM
I'm sure that little piece of the bill was sponsored by billing CPA's everywhere. Bill you to send 1099's and bill you at tax time to process incoming 1099's. Why did I change my major from accounting in college? :doh:

Think of all the IRS agents that will be needed to handle the paperwork. I am a CPA and teach a couple of college classes each semester. Maybe it's time to sell the smokers and get back into public accounting!

The government is farking out of control.... :crazy:

grossepellets
05-07-2010, 11:13 AM
The government only see's this as a good thing because it allows them to further reach into the lives of businesses, complicating or increasing the work load is no matter when they have unlimited resources to tackle the mounting work thereby growing government more and more and more until what happens? At some point the USA will be leveled to be subject to the "world" or "Global" market place. The Global Market place term came about just before the crash in Sept of 2008. Its a new term that suddenly every broadcaster was using in August of 2008. We are heading somewhere but its not capitalism which I see from the broadcasts in Greece the signs read "capitalism caused this" in the "Global" market so the USA is now the villan after we bailed their Arses out the first time - some "global" force has to reduce the USA to equal the playing field. Just my personal opinion from observations and this health care bill will be the sucker punch that makes it all come together. The USA and the way we think of it is under attack from so many angles its getting really hard to ignore what is happening. You can choose to ignore it but its like Smokin Turkey sez time to give up citizen ship or better send an email or make a phone call to your local representative and find out how you can get involved locally or complain about it.

grossepellets
05-09-2010, 07:33 PM
The government only see's this as a good thing because it allows them to further reach into the lives of businesses, complicating or increasing the work load is no matter when they have unlimited resources to tackle the mounting work thereby growing government more and more and more until what happens? At some point the USA will be leveled to be subject to the "world" or "Global" market place. The Global Market place term came about just before the crash in Sept of 2008. Its a new term that suddenly every broadcaster was using in August of 2008. We are heading somewhere but its not capitalism which I see from the broadcasts in Greece the signs read "capitalism caused this" in the "Global" market so the USA is now the villan after we bailed their Arses out the first time - some "global" force has to reduce the USA to equal the playing field. Just my personal opinion from observations and this health care bill will be the sucker punch that makes it all come together. The USA and the way we think of it is under attack from so many angles its getting really hard to ignore what is happening. You can choose to ignore it but its like Smokin Turkey sez time to give up citizen ship or better send an email or make a phone call to your local representative and find out how you can get involved locally or complain about it.
I wasnt wearing my foil cap so there is a chance that I was under the influence of a gov't probe when writing the statement listed above so if you think this sounds paranoid it wasnt me it was the gov't:laugh:

Smokin Turkey
05-09-2010, 10:24 PM
Is someone in the govt making you type a retraction? Lol