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1099 will end the world in 2012

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Re: 1099 will end the world in 2012

#41

Post by subwindow »

What the hell is up with this thread? This has to be the worst thread I've ever seen at HN. You'd think this were a comment thread on Fox News or something.

People: Chill the fuck out. The IRS is accepting comments on the issue. The rule doesn't go into effect until, realistically, April of 2013. By then, it is almost guaranteed that the rule will be significantly weakened to the point where it is not much different than what we have in place now.

This isn't a world-ending or economy-destroying fuckup organized by big-governement Democrats. It was a short-sighted clause put in by a politician trying to close a loophole. This is why we have checks and balances- the executive branch, which is actually in charge of implementing these rules, will implement them in a sane way.

So put your conspiracy theories to bed and get on with life. File a comment with the IRS and wait a couple of years. Then maybe you'll see that this was just one big stink over nothing.

Re: 1099 will end the world in 2012

#43

Post by jerf »

whyenot wrote: post #27

Next time link to the original article, which is here: http://www.chcchoices.org/Article/28083/Consumer_Power_Repor... In this case the report was produced by the Hearland Institute which Wikipedia describes as "an American conservative public policy think tank based in Chicago, Illinois that advocates free market policies." Based on some of the bullshit they have published when it comes to global warming, they seem…

Man, I wish I could cancel laws just by getting a "conservative public policy think tank" to talk about them; have you actually got a link to anyone contradicting this? Because so far I haven't seen one.

Here's a guy who actually quotes the law in question, and since the health care bill manifests as a patch to the original law, also expands out the 1099 law to what it now says: http://thefinancebuff.com/2010/05/1099-filing-requirement-in...

I have no idea what his political affiliation is, I just linked for the law quote.

Or do I not have to worry about this law, because the Heartland Institute are global warming heretics?

Re: 1099 will end the world in 2012

#44

Post by maw »

whyenot wrote: post #27

Next time link to the original article, which is here: http://www.chcchoices.org/Article/28083/Consumer_Power_Repor... In this case the report was produced by the Hearland Institute which Wikipedia describes as "an American conservative public policy think tank based in Chicago, Illinois that advocates free market policies." Based on some of the bullshit they have published when it comes to global warming, they seem…

Unless you're only suggesting skepticism, which is a good idea in general, this is just ad hominem.

Re: 1099 will end the world in 2012

#45

Post by dschobel »

subwindow wrote: post #22
roboneal wrote: post #7

This can't generate remotely enough revenue to offset the compliance cost to the business sector. This is nothing more than a Federal jobs program at the expense of the private sector.

Wow. Jump to conclusions without evidence? Sign me up! More likely it was an attempt to close a perceived tax loophole without understanding of the cost of compliance. I have no doubt it will get fixed before it actually goes into effect.

What is your basis for optimism?

Re: 1099 will end the world in 2012

#46

Post by jcnnghm »

cedsav wrote: post #31
ck2 wrote: post #15

http://money.cnn.com/2010/05/05/smallbusiness/1099_health_ca... In any case, the final impact of the law won't be known until the IRS issues its regulations on the new law, which aren't expected to arrive until sometime next year. The IRS has not yet commented on when it will release regulations or schedule public hearings, and an agency spokesman was unsure when it will do so.

another quote: "Rep. Dan Lungren, R-Calif., introduced legislation last week that would repeal the new 1099 requirements." Bottom line, a misguided attempt to improve income reporting and tax collection is going to be either watered down by the IRS or killed in congress. Maybe I'm a sad optimist, but to me it looks like democracy's still working well :-)

Democracy would be allowing the populace the time to read and digest multi-thousand page bills before voting, and not allowing totally unrelated sweeping changes hidden in bills. This has nothing to do with health care, whatsoever, in any way shape or form.

Re: 1099 will end the world in 2012

#47

Post by _delirium »

DanielBMarkham wrote: post #21

[warning. rant head] This has to be the most mind-numbingly stupid thing I have seen the government do in the last couple of decades -- and that includes bad wars, if that's your thing. Why can it be so bad? Because it screws with every single economic entity in the nation, in a way that pervasive, subtle, and micro-managing. If you want to know where "1984" is, with Big Brother watching all of your moves, it's not b…

Man, talk about hyperbole. This is probably a terrible idea economically, but it's hardly a Nineteen Eighty-Four scenario. It's not becoming illegal to say "the IRS sucks", the IRS will not have cameras in your house looking for the slightest sign of dissent, and it'll actually be nearly impossible to get imprisoned for anything at all (tax penalties are generally merely more taxes, unless you deliberately lie).

Also, you, as an individual, won't have to send 1099s to anyone, whether your baby-sitter or lawn-mower or Office Depot. Only businesses will, though this does include small businessmen and sole proprietorships (the way to distinguish a sole proprietor from "just a person" is by whether you're deducting those expenses as business expenses on a Schedule C or not).

Re: 1099 will end the world in 2012

#49

Post by jcnnghm »

btucker wrote: post #40
Anechoic wrote: post #18

The good news is that purchases made with a credit or debit card will be exempt from this requirement. However this requirement is still likely to be a huge pain for me at least because I use PayPal for a lot of vendors for totral purchases over $600 in a year. The IRS is accepting comments on this requirement at http://www.irs.gov/newsroom/article/0,,id=225029,00.html

Exactly. I'd assume most businesses do nearly all their purchasing through credit/debit card. I know we certainly do. So I don't see how this is such a big deal.

The massive processing fees charged by the colluding credit card duopoly? Why aren't checks, electronic funds transfers, and electronic checks included?

Re: 1099 will end the world in 2012

#50

Post by [deleted] »

jcnnghm wrote: post #14

This will be an unmitigated disaster. Office Depot will get 50 million or so 1099's. How do you deal with that many accounting discrepancies? How do you match that many transactions to all those forms. What about under and over-reporting? This is a Democrat clusterfuck if there ever was one.

[deleted]
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