A requirement in the Patient Protection and Affordable Care Act (health care act) "would require businesses to report to the IRS any purchase from a vendor of goods or services worth $600 or more during the calendar year. The new requirements would be effective for purchases made in 2012 that will be reported on 1099 forms filed in 2013."
Can you imagine what it will be like for all businesses, large and small, to have to gather taxpayer information from every business they purchase $600 or more? The 1099 form requires the taxpayer identification number along with a street address of the company from the company that your business purchases $600 or more. What were they thinking? Business accounting is getting ridiculous, makes for plenty of jobs/income for accountants. Can you imagine how many 1099s Dell, Microsoft, even Home Depot, could get every year?
In September, Sen. Bill Nelson, D-Fla., introduced an amendment that "would have increased the threshold for reporting the purchases on a 1099 from $600 to $5,000, and exempted businesses with 25 or fewer employees from the new reporting requirement. His amendment was defeated on a vote of 56-42, also failing to reach the 60-vote threshold."
I'm betting this requirement will be amended somehow before Jan. 1, 2012.
- Tyndall fired (6 replies)
- Brackin's Blues Club Closed? (11 replies)
- 2015 Shootings in Knox County, TN (17 replies)
- Big Ears is here (7 replies)
- The payday lending industry is in for a rude awakening (3 replies)
- Retirement Crisis: The Great 401(k) Experiment Has Failed for Many Americans (4 replies)
- Other reasons KNS might be losing subscribers (72 replies)
- Burchett nixes honorary resolution for Knox County women's groups (20 replies)
- Cades Cove, Daffodils, and the CCC (1 reply)
- Tenn. sues to preserve monopolies, restrict citizens' internet access (10 replies)
- Knoxville Mercury survey (1 reply)
- When avoiding ‘climate change’ is literally laughable (2 replies)