|
Ping: Small Business Owners (1099 Misc)
Stealth IRS campaign mandates millions of new 1099 tax forms - May. 21, 2010
The main piece -
tarting in 2012, that changes. All business payments or purchases that exceed $600 in a calendar year will need to be accompanied by a 1099 filing. That means obtaining the taxpayer ID number of the individual or corporation you're making the payment to -- even if it's a giant retailer like Staples or Best Buy -- at the time of the transaction, or else facing IRS penalties.
As a small business owner, I can't even wrap my head around this. For 2009, this would have resulted in me issuing around 35 1099's. Walmart, Office Max, USPS, U-line plus a host of private individuals (which I have no idea how in the world someone is just going to hand over their SSN to me so I can issue them a 1099)
On a basic level, I see what they are doing, but the pure admin headache this will cause... good lord.
__________________
You, you will regret what you have done this day. I will make you regret ever being born. Your going to wish you never left your mothers womb, where it was warm and safe... and wet. i am going to show you pain you never knew existed, you are going to see a whole new spectrum of pain, like a Rainboooow. But! This rainbow is not just like any other rainbow, its...
|