Posted on 09/20/2010 2:21:42 PM PDT by Andrea19
They say the definition of insanity is doing the same thing over and over again and expecting a different result. If that's the case, Congress must be insane when it comes to increasing paperwork burdens on ordinary Americans--particularly paperwork of the 1099-MISC variety.
The Obamacare law has over two dozen tax hikes. One of them is a new paperwork burden on small employers. Basically, every small business in America will have to mail a tax form to every single entity they do business with. That means every restaurant, every airline, every gas station, every supply store, etc. The public erupted in opposition, and Congressional Democrats have promised to repeal it--but only if they can raise other taxes somewhere else. Congressional Republicans have rightly objected to this snowjob on taxpayers.
Now, Congress is at it again. The House this week will send H.R. 5297 to the President. It's a bill with a series of small tax cuts and tax hikes. One of these tax hikes is a new, separate 1099-MISC burden. This time, Congress' target is owners of rental property. Starting in January (sound familiar?), rental property owners will have to issue a 1099-MISC to any person or unincorporated firm with whom they do at least $600 in business. For years starting in 2012, this requirement will extend to anyone the landlord does business with...
Read more: http://www.atr.org/congress-set-pass-anotherbr-misc-paperwork-a5406#ixzz106ewDP4m
(Excerpt) Read more at atr.org ...
Help promote Conservative activism here & here & here & here
As there is no tax deductibility for a family’s rent, why send them a 1099??
Or, is is a backdoor way to fine the property owner, for unreported rental inome on the skim he might not be reporting?
Considering the way the IRS interprets the rules I believe it would be only prudent for every American to send the IRS a 1099-MISC for every store they do business with of any amount. (hehe)
This is insane. If they want paper, they'll get paper.
“Considering the way the IRS interprets the rules I believe it would be only prudent for every American to send the IRS a 1099-MISC for every store they do business with of any amount. (hehe)”
Hmmm...
“I believe it would be only prudent for every American to send the IRS a 1099-MISC for every store they do business with of any amount. (hehe)”
You would have to obtain a tax id number for every one before you could send them and keep a record of them.
Oh I get it. They are going after ole Charlie Rangel.
Easy enough to get.
Just stop the damn law!
It is even more fun with the new IRS regulations for ‘enhanced’ 1099s. For the IRS instructions on how to file 1099s see http://www.irs.gov/pub/irs-pdf/p1220.pdf (138 pages).
Basically, the 1099-MISC forms that you submit to the IRS can no longer be hand-written. They must be optically readable by machine. You must call the IRS and ask to have shipped to you the special machine-readable forms. You must put only the special forms into your inkjet printer (PDF blanks not accepted). See IRS Pub 1220 (page 5) and the Form 1099 instructions (page 101).
The IRS penalty for unacceptable 1099s is $50 per item.
Does anyone remember the paperwork reduction act?
They’ve probably counted all the non productive jobs this will create............
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