NEW YORK (CNNMoney.com) -- With a new mandate looming that will require business owners to file millions more tax forms, the Internal Revenue Service has begun the daunting process of figuring out how to turn the law's sweeping demands into actual rules for taxpayers.
The new regulations, which kick in at the start of 2012, require any taxpayer with business income to issue 1099 forms to all vendors from whom they purchased more than $600 of goods and services that year. That promises to launch a fusillade of new paperwork: An estimated 40 million taxpayers will be subject to the requirement, including 26 million who run sole proprietorships, according to a report released this week by National Taxpayer Advocate Nina Olson.
As a small business owner this means ... at least a dozen software companies, a dozen hardware companies, Walmart for our low end 8.5" x 11 paper. Xerox for our high end good stuff for brochures. Newegg, CDW, our ISP, our Fax service, our voicemail, our business vehicle repair people, even the guy who fixes the chain saw and snow throwers, the cell phones, the landlines, the electric company, the cable company, Lowes and Home Depot, SAMS Club, BJ's, the guy who delivers our heating wood, ... It will be a never ending cascade of reporting. My business will be reporting to the government.
WHO IS JOHN GALT?
OR PRESIDENT OBAMA...
HOW TO TURN NICE PEOPLE INTO CRIMINALS
STARRING:
SMALL BUSINESS OWNERS
ENTREPRENEURS
STARTUPS
NATIONWIDE
ALL NOT COMPULSORY
SHALL
BE
ILLEGAL
Maybe I can write software in the Caymans? Who wrote their national anthem? What's their starting rotation like?
Somebody please start this place up all over again?
5 comments:
If I buy a new computer for my business, do I have to send a 1099 to Dell (or whoever)?
talk about trying to gring business to a halt!
Im not going to do it its not my job fuck them.
Aow IF it costs more than $600 or if you spend more than $600 with Dell in the fiscal year: YES
It is COMPLETELY ABSURD
RC- that's what I mean about them CREATING CRIMINALS.
With each step of entanglement in our daily lives they criminalize normal behavior and make more normal folks vulnerable to govt pressure, coercion and the tax breaks which will then addict them to whoever controls them.
Epa - Have you read/heard the study showing that every US citizen unknowingly commits 3-5 felonies per day.
We're all criminals. We just haven't been caught. Yet.
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