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1099 will end the world in 2012

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Re: 1099 will end the world in 2012

#61

Post by akmiller »

jcnnghm wrote: post #46
cedsav wrote: post #31

Earlier quoted context omitted.

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.

We don't live in a true Democracy. We live in Republic which is significantly different. We elect representatives on our behalf that we entrust to read and digest multi-thousand page bills and vote on our behalf.

Re: 1099 will end the world in 2012

#62

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]

Re: 1099 will end the world in 2012

#64

Post by sprout »

_delirium wrote: post #47
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…

It kind of reminds me of Schneier's explanation of cyberwarfare as if an enemy army invaded and all got in line at the BMV.

Except in this case it's a horrible tyrranical oligarchy that instead of making your life hell gives you a few extra forms to fill out every week.

Re: 1099 will end the world in 2012

#65

Post by sprout »

_delirium wrote: post #60
mattmcknight wrote: post #24

Earlier quoted context omitted.

Part of what they are doing is getting the system ready to put a sales tax on services. That will generate some serious revenue (or provide another effective mechanism to steal money from some people to give to other people, depending on your perspective.)

Aren't services already covered by most states' sales taxes? I paid sales tax when I got my oil changed recently, and my VPS provider charges sales tax if I'm in the same state.

>if I'm in the same state.

And that happens what, 8% of the time? Most online services are evading sales tax.

Re: 1099 will end the world in 2012

#66

Post by [deleted] »

dschobel wrote: post #45
subwindow wrote: post #22

Earlier quoted context omitted.

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?

[deleted]

Re: 1099 will end the world in 2012

#67

Post by _delirium »

sprout wrote: post #65
_delirium wrote: post #60

Earlier quoted context omitted.

Aren't services already covered by most states' sales taxes? I paid sales tax when I got my oil changed recently, and my VPS provider charges sales tax if I'm in the same state.

>if I'm in the same state. And that happens what, 8% of the time? Most online services are evading sales tax.

Sure, but that's not specific to the service/goods split is it? That's basically Amazon's business model with physical goods as well.

Re: 1099 will end the world in 2012

#68

Post by nkassis »

akmiller wrote: post #61
jcnnghm wrote: post #46

Earlier quoted context omitted.

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.

We don't live in a true Democracy. We live in Republic which is significantly different. We elect representatives on our behalf that we entrust to read and digest multi-thousand page bills and vote on our behalf.

But realistically it's not in the realm of humanly possible things for elected officials to read all those documents so we should be blaming the assistants and clerks for not reading them right ;p

Re: 1099 will end the world in 2012

#69

Post by btilly »

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 :-)

Congresscritters are constantly introducing legislation. Most of it goes nowhere. That is doubly true when it is introduced by someone from the party that is out of power.

Unless you hear about Democrats getting behind repealing this, you can ignore Republican attempts to do so. (This may change after the midterm elections. Though the most probable outcome is to wind up with deadlock because nobody can break a filibuster.)

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