Obama Screwed Artists
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- ********
In the healthcare bill Obama said all purchases for a small business above $600 must have a 1099 form filled out.
If you buy a Apple computer you must fill out the expanded 1099 form.
Here is more if anyone likes to learn.
http://taxes.about.com/b/2010/06…"Form 1099-MISC is used to report various types of payments made by businesses to individuals and other businesses. Quite often, this form is utilized to report payments made to independent contractors. The form is also used to report a wide variety of other types of payments, including rents and royalties. For a long time, this form was only required to be issued if the recipient of the payment was not a corporation. As a result, I've dealt with a lot of independent contractors who were forced to form a corporation because their client simply didn't want to issue 1099s. All of that is about to change starting in 2012."
- d_rek0
It was only a matter of time. Everyone's fuckin' everyone these days.
- vitamins0
- I'm not *entirely* sure that not liking him is grounds for impeachment. Maybe do some more research..mikotondria3
- I rather waiste my time herevitamins
- // ?mikotondria3
- ********0
Any purchase over $600 a freelancer must fill out the expanded 1099 form. I provided a link that explains more.
No big deal right?
Check out the form
- ********0
This directly affects
freelancers
contract workers
small business
any businessYour taxes and what you keep.
- You mean it REALLY becomes illegal to not report income.********
- You mean it REALLY becomes illegal to not report income.
- kpl0
given a choice between making sure everyone has access to healthcare and screwing Fred, I think I'd rather screw Fred. Sorry Fred. You're terrible at reading comprehension anyways.
"Naturally, we are awaiting further guidance from the IRS on how they plan to implement this expanded 1099-MISC reporting requirement. The Commissioner indicated that the IRS is already at work and plans to solicit feedback and suggestions: "[W]e will look forward to dialog and input from the business community in the coming months. As we proceed with our planning, we won't hesitate to consider alternate approaches, including working with Congress to address any potential implementation issues that may arise during this process."
- ********0
Ok maybe I am not reading this right but does 1099 for when you work for a business and they pay you? And at the end of the year, the business sends you a 1099 so you can report your earnings?
Buying a equipment would use 1040 for deduction.
1099 is for payment reporting.
- lambsy0
the article is written by a man who purely speculates what this *might* mean. why are you so convinced it is happening?
- utopian0
<<< POLITICS THREAD IS THAT AWAY!
- mikotondria30
People piss and bitch about paying their (lowest in years) taxes and I don't understand why - it's your civic duty and pays for all the shit you want and need and expect. If you begrudge paying taxes because you have some pisspotted teaparty idea that it's big government screwing you and taking the money for itself to fuel its out of control ways that you don't agree with, then you're a petulant child who needs to go away, grow up and rejoin us all when you've thought through what it means to live in a society where this is a democratically elected government, and maybe you need to at least investigate the alternatives to living like this. Good luck returning intact from your Somalian fact-finding mission.
- <utopian
- that < belongs in the POLITICS THREAD********
- Fail. What benefits? The corruption, the stealing? The 47 states that are bankrupt********
- roads, schools, nasa, the entire fucking military?spifflink
- in my city, our roads are shit, our schools are worse, but we have an amazing military! Yay!DoTheMacarena
- ********0
No need to argue here. Fred doesn't know the difference between capital investment and payment for service
- he can work for me anytime; I won't even charge him full price.mikotondria3
- read the link.********
- utopian0
TEABAGGERS UNITE®
- Whats wrong with you? You're incapable of education.********
- < GRAMMAR IS NOT
YOUR FRIEND!utopian - Tell me how it feels to be brainwashed?********
- Nothing is your friend except hate.********
- FROM THE SOUNDS OF IT
YOU ARE AS BRAINWASHED
AS THEY COME!
http://img837.images…utopian - Image is full of LOLzukit
- I also quit like Sarah!Boz
- Whats wrong with you? You're incapable of education.
- ********0
Here is a comment that might help educate some of you guys.
Keith Says
“What are your thoughts about this expanding information reporting requirement?” A: I am a small business owner and am furious that I will be expected to be an unpaid IRS worker.What suggestions would you make to the IRS? A: Shut down your operations and let the free market work.
What are you planning to do now in anticipation? A: My business has many more vendors than customers. I estimate that I will need to file between 2,400 and 3,000 1099s under this new law. I am seriously thinking about closing my business."
- so you are saying this guy doesn't know how to run a business?spifflink
- ********0
I read the link.
"And he suggested that the 1099 form might be required for payments "on payments businesses make for goods.""It is a reporting requirement.
And also read the Bill
"SEC. 9006. EXPANSION OF INFORMATION REPORTING REQUIREMENTS.
(a) IN GENERAL.—Section 6041 of the Internal Revenue Code
of 1986 is amended by adding at the end the following new subsections:
‘‘(h) APPLICATION TO CORPORATIONS.—Notwithstanding any
regulation prescribed by the Secretary before the date of the enactment
of this subsection, for purposes of this section the term ‘person’
includes any corporation that is not an organization exempt from
tax under section 501(a).
‘‘(i) REGULATIONS.—The Secretary may prescribe such regulations and other guidance as may be appropriate or necessary to carry out the purposes of this section, including rules to prevent duplicative reporting of transactions.’’.
(b) PAYMENTS FOR PROPERTY AND OTHER GROSS PROCEEDS.—
Subsection (a) of section 6041 of the Internal Revenue Code of
1986 is amended—
(1) by inserting ‘‘amounts in consideration for property,’’
after ‘‘wages,’’,
(2) by inserting ‘‘gross proceeds,’’ after ‘‘emoluments, or
other’’, and
(3) by inserting ‘‘gross proceeds,’’ after ‘‘setting forth the
amount of such’’.
(c) EFFECTIVE DATE.—The amendments made by this"
- ********0
Have a look Fred
Take a lovely read.
http://democrats.senate.gov/refo…- go ahead and read, I know what it says.********
- Obviously you are not reading it because when you read it, it makes sense.********
- go ahead and read, I know what it says.
- ********0
(2) Todd says:
We are a small business with only 6 employees. Under this new provision we will be expected to file over one thousand 1099’s with a projected account cost of nearly 20 to 25 thousand dollars each year. What shall we cut first to pay for it? Wages? Health Care?
This is another flawed government plan thought out be bureaucrats that have never ran a business or employeed anyone.