1099 - Excessive and onerous reporting

[Bob La Londe]

Repealed. Has been signed by president. I guess I am slow to notice. I
found numerous references when I looked. It looks like the "screw you
small business owners, 'your invoices and checks aren't good enough proof of
payment,'" mandatory 1099 reporting of all transactions over $600 or groos
of $600 in a single year to single vendor has been repealed.

Woo! Hoo!

Still have the regular reporting requirements we had before.

 

[Bob La Londe]

I had not heard of the nightmare. Now that is has been repealed, it would
seem that in reality nothing has really changed in my world.

Found this:
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
The Small Business Paperwork Elimination Act, which repeals the 1099
tax-reporting requirement established in the health care overhaul law that
passed last year is now official as of April 14, 2011.
The President signed this act last week, putting an end to a potential
reporting nightmare that would have forced all businesses to file a 1099
on transactions over $600 and a W-9 with all companies they do business
with.

The 1099 reporting rules continue unchanged, meaning than any businesses
or persons that make payment to another person of $600 or more must report
the amount, name and address of the payee to the IRS and the payee.

So no changes for businesses who have been filing their 1099s every year.

++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

Does NOT change my opinion of the government or the current
administration.

Les

I have to say I was not looking forward to trying to get W-9 forms out of
outfits like Home Depot. I'm sure glad that now I don't have to.