Obama Screwed Artists
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- ********0
This is what was added
Section 6041 of the Internal Revenue Code provides that all persons engaged in a trade or business who make a payment in the course of such trade or business to another person of rent, salaries, wages, AMOUNTS IN CONSIDERATION FOR PROPERTY premiums, annuities, compensations, remunerations, emoluments, or other fixed or determinable gains, profits, and income of $600 or more in any taxable year shall render a true and accurate return setting forth the amount of such gains, profits, and income, and the name and address of the recipient of such payment.
- melq0
What I don't get is why the Federal Government thinks it can handle 15 times the volume of paperwork. Under these regulations I would need to submit 1099s to and on Vonage, Staples, Dell, Adobe, and on and on.
- bored2death0
Businesses will need to fill out a Form 1099-MISC for vendors, subcontractors, independent contractors, and others in the following circumstances:
• cash payments to fishermen
• crop insurance proceeds,
• medical and health care payments,
• prizes and awards,
• proceeds paid to attorneys,
• rents,
• services (including parts and materials), and
• other types of payments not covered by another information reporting document.$10 or more per year is paid for
• broker payments in lieu of dividends or tax-exempt interest, and
• royaltiesCall me dumb, but I'm not sure which one of these a computer would fall under.
- crop insurance proceeds? Isn't apple a crop?TheBlueOne
- it's a crop allright. FredMcdoofy was right!lambsy
- hellojeehae0
so confused.
- 74LEO0
Can we please move FREDs posts to politics?!?
- ********0
Good
I'm glad this is going into effect. All contractors should pay equal taxes as the rest of the salaried employees. Not just in the design industry either; construction, IT, etc.
- the problem is the cost the companies will have to spend doing the paperwork********
- Many companies already do. The rest will have to finally catch up.********
- the problem is the cost the companies will have to spend doing the paperwork
- ********0
I will say it again for you guys. The 1099 Forms will be changing for 2012 that will affect all freelancers, small businesses, ect.
Since some of you are die hard communists i have supplied a link to CNN for you to explain in greater detail.
http://money.cnn.com/2010/05/05/…
"An all-but-overlooked provision of the health reform law is threatening to swamp U.S. businesses with a flood of new tax paperwork.
Section 9006 of the health care bill -- just a few lines buried in the 2,409-page document -- mandates that beginning in 2012 all companies will have to issue 1099 tax forms not just to contract workers but to any individual or corporation from which they buy more than $600 in goods or services in a tax year."
- Good.********
- I tried to give you guys examples from blog posts on the previous page but most of you only attack instead of read********
- I know what this part of the bill entails.********
- and I still say..
Good.******** - http://img837.images…utopian
- Good.
- ********0
isn't this a nice gem from the same article
"But under the new rules, if a freelance designer buys a new iMac from the Apple Store, they'll have to send Apple a 1099. A laundromat that buys soap each week from a local distributor will have to send the supplier a 1099 at the end of the year tallying up their purchases."
- Bored, here you go.********
- If they're hiding nothing from the IRS, they shouldn't have to worry. Send the form, done.********
- http://img837.images…utopian
- Bored, here you go.
- vaxorcist0
has anyone here read this first-hand, or are we just quoting people who are quoting people who are quoting something they read somewhere?
- ukit0
Hey Fred, thought you might want to repost this image you made just after the election
