Re: 1099 - Excessive and onerous reporting

[mleuck <m.leuck@xxxxxxxxx>]

On Jun 3, 11:35=A0am, "Bob La Londe" <onebike...@xxxxxxxxx> wrote:
> "ABLE1" <royboynos...@xxxxxxxxxxxxx> wrote in message
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> news:8lMCp.3878$fD6.3258@xxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
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> > "Bob La Londe" <onebike...@xxxxxxxxx> wrote in message
> >news:irfc0h$ruh$1@xxxxxxxxxxxxxxxx
> >> Repealed. Has been signed by president. =A0I guess I am slow to notice=
. =A0I
> >> found numerous references when I looked. =A0 It looks like the "screw =
you
> >> small business owners, 'your invoices and checks aren't good enough pr=
oof
> >> of payment,'" mandatory 1099 reporting of all transactions over $600 o=
r
> >> groos of $600 in a single year to single vendor has been repealed.
>
> >> Woo! =A0Hoo!
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> >> Still have the regular reporting requirements we had before.
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> > I had not heard of the nightmare. =A0Now that is has been repealed, it =
would
> > seem that in reality nothing has really changed in my world.
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> > Found this:
> > +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
> > The Small Business Paperwork Elimination Act, which repeals the 1099
> > tax-reporting requirement established in the health care overhaul law t=
hat
> > passed last year is now official as of April 14, 2011.
> > The President signed this act last week, putting an end to a potential
> > reporting nightmare that would have forced all businesses to file a 109=
9
> > on transactions over $600 and a W-9 with all companies they do business
> > with.
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> > The 1099 reporting rules continue unchanged, meaning than any businesse=
s
> > or persons that make payment to another person of $600 or more must rep=
ort
> > the amount, name and address of the payee to the IRS and the payee.
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> > So no changes for businesses who have been filing their 1099s every yea=
r.
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> > +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++=
+
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> > Does NOT change my opinion of the government or the current
> > administration.
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> > Les
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> I have to say I was not looking forward to trying to get W-9 forms out of
> outfits like Home Depot. =A0I'm sure glad that now I don't have to.

That was part of the massive health care mandate rammed through last
year thanks to the Dems.

Nobody ever learns...