Health care law's massive, hidden tax change( 1099's)

CNN ^

[US_MilitaryRules]

NEW YORK (CNNMoney.com) -- An all-but-overlooked provision of the health reform law is threatening to swamp U.S. businesses with a flood of new tax paperwork.

Section 9006 of the health care bill -- just a few lines buried in the 2,409-page document -- mandates that beginning in 2012 all companies will have to issue 1099 tax forms not just to contract workers but to any individual or corporation from which they buy more than $600 in goods or services in a tax year.

[US_MilitaryRules]

Bend over Ma and Pa small business's.

[screaminsunshine]

The Black Market will flourish. No wonder they need 16,000 new IRS Agents. This is getting insane.

[Drango]

Hey CNN...isn’t it a little late to be reporting on this???? Oh never mind....

[FormerACLUmember]

Socialist Agenda:

Pre VAT tax

Damage Underground Economy

Damage Small Business

Pure Power Mad Control Freak Overkill

[Touch Not the Cat]

.
Legislate in haste — repeal as soon as possible.

[EGPWS]

An all-but-overlooked provision of the health reform law is threatening to swamp U.S. businesses with a flood of new tax paperwork.

Overlooked???

More like shoved under the rug!

[Virginia Ridgerunner]

This will crush small businesses, once and for all.

[E. Pluribus Unum]

The whole thing is going to come crashing down around their ears soon, and they still won't have a clue as to why.

[SeeSharp]

The Black Market will flourish.

I think so too. It's probably for the best since the current tax regime cannot be ended until people lose faith in it.

[Safrguns]

Why worry about a law that is going to get repealed at best, and at least will be unenforceable?

[ldish]

folks...ever new bit of info being posted here on obrey’s son and now this continuing crap with health care and tax and crap and on and on should each be the last straw before...WHAT WE DO NEXT!

[Nevermore]

Only “overlooked” (wink & nod) by the government media.

[screaminsunshine]

Aetna has quit enrolling medicare advantage already.

[Excellence]

And there is a provision in the financial reform bill snaking its was through the senate right now that will force banks to report absolutely every single deposit any person makes to a checking or savings accounts, or any other financial instrument, or transfers between accounts.

[Rodamala]

The new rules could drastically alter the tax-reporting landscape by spotlighting payments that previously went unreported.

Writer has no f'ing clue. He's actually trying to spin this as a good thing?

"Oh, the government just wants to help you out and make sure you don't underreport your deductions". BS! This is on par with the Kenyan Fraud saying he is a stauch supporter of the free market.

Show me one small business owner who is NOT REPORTING EVERY POSSIBLE DEDUCTION ALREADY, and I will show a business that will not be filing taxes next year because they are OUT OF BUSINESS.

[GeronL]

We need a Pre-VAT defense!!

[4yearlurker]

Goodbye eBay,Amazon,etc.......

Welcome back flea markets.

[Tzimisce]

Unless we catch 2/3s of both Houses this Nov (enough to override a Veto) get used to Obamacare.

[GraceG]

“This will crush small businesses, once and for all. “

Liberal Legislation to the casual observer “looks” like it punishes the “big greedy fatcat” with it’s many regulations and restrictions. Where in reality companies like GE can hire many attourneys to weasel their way out of the laws or effects fo those laws, while the small business has no such resources and gets squished because the Big Companies use these laws in an indirect way to get rid of smaller competition.

[kcvl]

any individual from which they buy more than $600 in goods or services in a tax year

That is beyond stupid!

all companies

I guess we can define 'all companies' the same way Clinton defines 'is'. Think that will work?! /s