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1099 will end the world in 2012

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Re: 1099 will end the world in 2012

#71

Post by nkassis »

subwindow wrote: post #41

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…

Realistically most new bill have a ton of shitty things in them that get fixed through other bills later on, it's always been like that and the small business lobby is fairly powerful so 2 years should be enough to kill this clause.

Re: 1099 will end the world in 2012

#72

Post by dantheman »

knowtheory wrote: post #55
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.

Then you haven't been paying attention to either health care in general, or the health care effort in specific. The health care bill was effectively implemented as a tax bill. The entire structure of the bill is a set of rules and initiatives set up to encourage businesses and individuals to get or provide health insurance through a series of tax raises and tax cuts. The tax code is the mechanism through which this p…

Of course it shouldn't have been implemented.

If they were going to actually try to implement national health care it should be done as constitutional amendment.

Re: 1099 will end the world in 2012

#73

Post by spinchange »

_delirium wrote: post #52
kaens wrote: post #34

Earlier quoted context omitted.

I hate to break it to you, but a whole lot of people in the US don't have accountants and yet still spend more than $600 at various stores over the course of a year.

As the article notes, this doesn't apply to individuals, no matter how much money they spend at a store per year; it only applies to businesses, who are already required to keep track of their business expenses.

Individuals are small businesses too. Consultants, contractors, lots of people. More people, yes people, file a Schedule C than you might be aware of. Hell, someone who does a lot of business selling stuff on eBay or Craigslist is subject to this I they're reporting their income from that activity. Many do.

Re: 1099 will end the world in 2012

#74

Post by nhebb »

Last year a customer accidentally double entered my invoice in their system, and paid me two checks instead of one. I contacted them to let them know of the discrepancy, and never cashed the second check. Their system was never corrected, and I got a 1099 showing I earned double the actual amount. I'm still trying to iron this mess out, and it's just one 1099.

Re: 1099 will end the world in 2012

#75

Post by _delirium »

spinchange wrote: post #73
_delirium wrote: post #52

Earlier quoted context omitted.

As the article notes, this doesn't apply to individuals, no matter how much money they spend at a store per year; it only applies to businesses, who are already required to keep track of their business expenses.

Individuals are small businesses too. Consultants, contractors, lots of people. More people, yes people, file a Schedule C than you might be aware of. Hell, someone who does a lot of business selling stuff on eBay or Craigslist is subject to this I they're reporting their income from that activity. Many do.

Sure, I file a Schedule C myself (for a pretty tiny side business). But I also keep track of all the expenses for that, since I have to to report on the Schedule C, so it's trivial for me to determine if I paid anyone more than $600 this year (just export my expenses from Gnucash, grouped by payee). And yes, it'd be an added hassle to file 1099s, and I don't really support it.

My main point is that, contrary to the impression some people here seem to have, non-business expenses won't require 1099s. The discussion here (in particular the thread I was replying to) seemed to think that the law would require their grandmother to send Best Buy a 1099 if she spent more than $600 on her new computer, or that you'd have to add up all your Home Depot receipts to see if you spent more than $600 on home-improvement this year, which isn't the case.

Re: 1099 will end the world in 2012

#79

Post by rick888 »

russell wrote: post #53
[deleted] wrote: post #26

Earlier quoted context omitted.

[deleted]

Dont pull that Patriot crap. Probably all the Fortune 1000, particularly the drug companies, are flowing revenue through tax havens to lower taxes. There was an article in the past couple of months about it, here I think. Most small companies cant do it, but HN style companies can. Push fulfillment to Ireland, development anywhere. Let Ireland charge through the noose, and let the euros pile up in Switzerland.

"Dont pull that Patriot crap. Probably all the Fortune 1000, particularly the drug companies, are flowing revenue through tax havens to lower taxes. There was an article in the past couple of months about it, here I think."

If you open a company in another country, tax collection is under the jurisdiction of that country, not the US. I'm also not advocating no taxes, I just wish the Obama administration would think about the consequences of these types of decisions.

I'm also not trying to "pull that patriot crap". I'm just giving you the consequences of making it difficult for me to do business in the US. I will move my business elsewhere, which will also mean a loss of jobs for US workers. I know I'm not alone with this.

Re: 1099 will end the world in 2012

#80

Post by Alex63 »

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.

Small businesses may use credit/debit cards predominantly, but I think you'll find a lot of medium and large size businesses use Purchase Orders.
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