Re: 1099 - Excessive and onerous reporting

["Bob La Londe" <onebikenut@xxxxxxxxx>]

"ABLE1" <royboynospam@xxxxxxxxxxxxx> wrote in message
news:8lMCp.3878$fD6.3258@xxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
>
> "Bob La Londe" <onebikenut@xxxxxxxxx> wrote in message
> news:irfc0h$ruh$1@xxxxxxxxxxxxxxxx
>> Repealed. Has been signed by president.  I guess I am slow to notice.  I
>> found numerous references when I looked.   It looks like the "screw you
>> small business owners, 'your invoices and checks aren't good enough proof
>> of payment,'" mandatory 1099 reporting of all transactions over $600 or
>> groos of $600 in a single year to single vendor has been repealed.
>>
>> Woo!  Hoo!
>>
>> Still have the regular reporting requirements we had before.
>>
>
> I had not heard of the nightmare.  Now that is has been repealed, it would
> seem that in reality nothing has really changed in my world.
>
> Found this:
> +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
> The Small Business Paperwork Elimination Act, which repeals the 1099
> tax-reporting requirement established in the health care overhaul law that
> 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 1099
> on transactions over $600 and a W-9 with all companies they do business
> with.
>
> The 1099 reporting rules continue unchanged, meaning than any businesses
> or persons that make payment to another person of $600 or more must report
> the amount, name and address of the payee to the IRS and the payee.
>
> So no changes for businesses who have been filing their 1099s every year.
>
> ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
>
> Does NOT change my opinion of the government or the current
> administration.
>
> Les

I have to say I was not looking forward to trying to get W-9 forms out of
outfits like Home Depot.  I'm sure glad that now I don't have to.