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Contributor

1099's for transactions above $600.

The senate was unable to repeal the requirement in the health care law that forces businesses to create 1099's for transactions above $600.  This will produce an incredible amount of paperwork and once again shows how out of touch the elites in Washington are with the people that make this country work.

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Contributor

Re: 1099's for transactions above $600.

It's hard to not come to the conclusion that the folks in DC are doing everything in thier power to destroy this country.  This 1099 thing is gonna be a disaster.

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Senior Contributor

Re: 1099's for transactions above $600.

The Republican filibuster took out a chance for the exemption of 1099s for businesses with less than 25 employees. Neither party is helping us farmers.

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Contributor

Re: 1099's for transactions above $600.

Does anyone remember those "poor fisherman" talking on TV and complaining they couldn't get BP money because they had a cash business and didn't file tax returns.....standing in front of their $ 200,000 boat...with their cash paid employees?

 

It's unfortunate, but some have said over 30% of income is not being reported.  Meaning I;m paying more than I should.  Most accounting packages track purchases...no big deal.  Any maybe our taxes won't go up next year.

 

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Senior Contributor

Re: 1099's for transactions above $600.

Do you want to sacrifice privacy for money? I don't want to go to a monetary system based on plastic cards telling the highest bidder everything about my life, do you?

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Highlighted
Contributor

Re: 1099's for transactions above $600.

I live in a fishing community on the Gulf and yes there is a lot of cash trading hands, but most of these type transactions are between tourists buying small amouts of fish and the peddler receivng cash.  (not over $600 anyway)  The larger operators sell to larger buyers and are going to report anyway.  This 1099 reporting is going to cost businesses more than the government will collect in taxes.

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Frequent Contributor

I still think "something" may happen to strike this down.

Am I wrong?

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Contributor

Re: 1099's for transactions above $600.

Privacy? Now thats a joke.  How is this going to affect "privacy".  The 1099 doesn't take away privacy.  IRS already has your SSN.  The 1099 just makes sure everyone reports their income.  Is your privacy issue that you don't want to pay your fair share?

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Frequent Contributor

Re: 1099's for transactions above $600.

You ain't thinking. 

 

Sure the IRS has you ss number.  Now you are going to be giving it out to scores, and for some operations, hundreds of other people. 

 

Their computer may keep track of your number, but one (or more) of their employees may happen to keep track of your number as well. What do you think about that?

 

Your computer may track everything, however you are going to have to collect all those ss numbers and input them into your system without making any mistakes.  Then as you are doing business, how are you going to keep track of who you have, or may immediately do business with that is approaching $600, and you need to collect their information before you finish the deal. The regulars may not be a problem, but what about the emergency's.  Is every store clerk going to have all the information ready to hand you, or you going to have to wait until Monday morning, when the boss is there,  to get your stuff?

 

No matter how hard I try, I will expect the government bean counters will catch me without some information in my files.   And where is all the money going to come from to pay for all the new government bean counters?

 

 

This will be a nightmare in more ways than one. 

 

If this helps someone steal your idenity, you will be paying more than your fair share getting it resolved.

 


@TEvans3970944 wrote:

Privacy? Now thats a joke.  How is this going to affect "privacy".  The 1099 doesn't take away privacy.  IRS already has your SSN.  The 1099 just makes sure everyone reports their income.  Is your privacy issue that you don't want to pay your fair share?


 

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