Why wouldn't they track investments (they already have a trail on paper)? Why
*wouldn't* they track gold? ...makes it a lot easier to seize (again), no?
Why wouldn't they track investments (they already have a trail on paper)? Why
*wouldn't* they track gold? ...makes it a lot easier to seize (again), no?
re,
of
y sWell then let's interpret it. I think it's quite clear (I've been reading gobs of this crud recently). The original law said you had to issue 1099s to any PERSON you paid over $600 in a year. There was no definition of person, so takes the ordinary meaning--'person' meant person.
Obamacare amended that to redefine the word 'person' :
"[...] for purposes of this section the term =91person=92 includes any corporation[...]"
So, in Obamaland, 'person' now =3D ('person' OR 'corporation')
As a double-check, the intention is obviously to expand reporting to include payments made to corporations. You can bet they're not eliminating 1099 reporting of payments to individuals, which is what would happen if 'person' meant 'corporations and corporations only.'
Okay, that covers which payments made (to what parties) are reportable. As to the question of who must report such payments, that's in the Internal Revenue Code, section 6041:
"All persons engaged in a trade or business and making payment in the course of such trade or business to another person [...]"
Where 'person' means whatever the definition says it means. (see above)
Again, if you hire someone and pay them over $600 in a tax year, you're supposed to 1099 them, as always. Obamacare says 'person', however, now means 'person or corporation,' and so the payments to be
1099'd _now_include_ wages /and/ payments to corporations for purchases of property, services, etc.The IRS will issue new forms and regulations, it just takes a while. They've got a full plate with Obamacare, plus its brethren. It's amazing how many IRS tweaks each of these 1,000-page monsters holds.
Sorry. It wasn't my idea.
No. Uncle Leroy will get the $400 model, avoiding the mandate.
-- Cheers, James Arthur
e,
fld coin?
=A0Why
no?
I can't answer why, only that once upon a time bulk bullion purchases were not tracked. I don't know what current practice is.
James
Still dubious, since they say " ... includes any corporation that is not ...". I am not sure anything else would fly in court.
That corporations issue 1099 when they use people like me is normal, they all do that. What they expanded was the requirement to now include payments for merchandise.
Ok, but now let's look at reality. I have never ever heard of a landlord (=business) or the owners of a little mom and pop place (=business) issuing a 1099 to a cleaning business they used, or the shop of guy who went up the roof to replace the HVAC. They just paid, and that was that.
The inclusion of 1099s for merchandise will so thoroughly clog them with paper that they won't even see the daylight anymore.
Yup :-)
-- Regards, Joerg http://www.analogconsultants.com/ "gmail" domain blocked because of excessive spam. Use another domain or send PM.
Thanks. Something is wacked in that. Say they pay me a bucket of money to do X. So far, so good, that's the way business always worked. Now, as part of doing X, I have to fly to say Jakarta. Gonna be a large expense, which they _reimburse_ me for. I just made a payment for the airplane ticket, so now the airline gets a bucket of money, well over $600. There *has* to be something that excludes that payment from the rule. The airline has to report it as income, but they can't look for me to issue a 1099.
Of course, it *is* the gubbermint, so I could be totally wrong. :-(
Ed
But, what happens if Uncle Leroy decides to buy another item from the same place later on? Won't this add up at some point to initiate a 1099?
Then Auntie Leona buys it?
:-)
-- Regards, Joerg http://www.analogconsultants.com/ "gmail" domain blocked because of excessive spam. Use another domain or send PM.
the
of
he
ow
ue
ng
9s,an
is,
to
o t " d .ll
nd
h Ito
vy
wYes.
s
If you paid the airline more than $600, then you're responsible for reporting that. That's how they plan on keeping the airline honest, and they need your help.
You're right, your client's reimbursement to you is also reportable, and gets added to your 1099 from them. That won't affect your tax-- you'll expense the plane ticket, deducting it from your income appropriately.
Isn't this all a pain? Ain't it a waste of our time? Couldn't we all be inventing or designing great stuff instead? Is this the best use of our talents, are we making our best possible contribution to society by studying this?
Grrr.
James
Obamacare,
of
any
previous
is not an=20
Might=20
Yes, JT. Now it is being shown that all of us at our peaks of paranoia wasn't paranoid enough.
Obamacare,
worth of
the
of
the
now
any
issue
paying
1099s,previous
that is not an
is,
will
stand
to
Chevy
But he had better not get a second one that fiscal year.
Oh such joy, if i buy a halfway nice laptop, or an iPhone at retail, for business purposes i have to 1099 the store. Best Buy, Furniture Barn, Office Depot, Lowes and such are really going to love that. I have seen computer work stations (the cabinetry part only) well over that point and have considered ergonomic chairs for more as well.
Just wait till the IRS Gestapo are assigned to the stores, to make sure you fill out the paperwork before you can leave.
-- Anyone wanting to run for any political office in the US should have to have a DD214, and a honorable discharge.
... and since your SSN would be on those 1099s, ID theft would literally explode ...
-- Regards, Joerg http://www.analogconsultants.com/ "gmail" domain blocked because of excessive spam. Use another domain or send PM.
Oh, you don't *have* to 1099 them. It's just ordinary income (not an expense) if you don't. Obama would be perfectly happy collecting income tax on what would otherwise be a business expense.
But then, he has no excuse to create his SS troops.
-- Anyone wanting to run for any political office in the US should have to have a DD214, and a honorable discharge.
Oh, he'll use them to make sure you've paid your insurance premiums.
for
seen
and
Yep, and there will be pads of 1099 in 10 copies at the checkout stand, the IRS gets the top 5 and you and the store get the bottom two, and three are thrown away to support recycling.
Obamacare,
worth of
the
Act of
the
now
from any
issue
paying
1099s,previous
this
that is not an
is,
to
=E2=80=98person=E2=80=99
will
stand
then
Ito
Chevy
bungalow
for
seen
and
=20
Can you say "major reason to incorporate yesterday". The corporation will have its own tax ID number.
Obamacare,
of
the
of
any
1099s,previous
Not to mention the new armies of bureaucrats to track all the forms.
Obamacare,
Bog, i am glad i already bought my good 'scope. I guess i will have to make the rest of my test equipment. What are HP-3577 VNA going for now?
ElectronDepot website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.