Did you know about this new "Healthcare" requirment?

[DonBrownJr]

New 1099 Requirments in "Healthcare" bill

 

Did any of you notice this? Maybe I'm reading it wrong, and some of you tax guys will clear it up for me.

 

Now, for every vendor that I spend over $600 per year, regardless of the product or service, I have to file a 1099. That means that I have to get tax id numbers for my landlord, phone company, cable company, office supply store, etc. Pretty much anyone that I do over $50 per month business with.

 

How does this relate to healthcare? The wonderful folks who wrote the bill said it would bring in $17M dollars in untaxed revenue! More BS to justify how it will be paid for. This will generate little or no additional tax revenue, except where accountants will charge more to file the 1099's!

[FreeBird]

I heard Boortz talking about it - seems like a big mess.

[markdavd]

It's been discussed in the political forum: http://paulding.com/forum/index.php?/topic/249454-the-tax-tsunami/page__view__findpost__p__3212924

 

 

They obviously haven't considered the cost to the businesses. Imagine the small guy having to issue a 1099 to Home Depot, then Home Depot having to keep track of tens of thousands of them, making sure they're accurate and filing them on their tax forms.

 

This extends to those who buy and sell to the public like Coin dealers or Pawn shops.

[FreeBird]

Isn't it a jobs program to add additional bookkeeper and office help to every business out there?

[DonBrownJr]

It's been discussed in the political forum: http://paulding.com/...ost__p__3212924

 

 

They obviously haven't considered the cost to the businesses. Imagine the small guy having to issue a 1099 to Home Depot, then Home Depot having to keep track of tens of thousands of them, making sure they're accurate and filing them on their tax forms.

 

This extends to those who buy and sell to the public like Coin dealers or Pawn shops.

 

Thanks! I had the political forums turned off... and after reading through that thread, I remember why! My BP is up about 20 points just in the few minutes it took to read through it!!