johnroach100
  •  johnroach100
  • 58.22% (Neutral)
  • Maintenance Supervisor Topic Starter
Tuesday, September 14, 2010 7:20:33 PM
One provision of the new law is starting in 2012 anybody, incorporated or not you pay more than $600 to in a year must be sent a 1099. Best Buy when you get a computer, the fuel guy when you fill up a couple of plants, a couple of truck tires, how many people in a year do you pay $600 or more to?
http://www.npr.org/templates/st...ry.php?storyId=129861232 
Bowler Roller
Tuesday, September 14, 2010 8:05:02 PM
That'll make everyone want to start and expand businesses!
Every crowd has a silver lining - PT Barnum
Mamatiger
Wednesday, September 15, 2010 5:52:50 AM
I hear they're debating upping the limit to 5K. Just another way to track our income and spending. [xx(]
Whenever you find yourself on the side of the majority, it is time to pause and reflect. --Mark Twain
flamo
  •  flamo
  • 87.94% (Honored)
  • Operations Foreman
Wednesday, September 15, 2010 6:04:18 AM
It goes further than that. That also includes the total spent at any one vendor that totals 600 for the year. Example:: If you go to say Office Depot and buy items today totaling 150, next month go back and spend 300 then go back a few weeks later and spend 200 you have met the 600 thresh hold. You then have to save all of those reciepts. The cost of this stupidity is estimated to be in the billions. Thus, even the smallest of businesses must save every reciept and catalog them. Best way to rectify this mess is to vote out every person who voted for this bill and will vote repeal this mess.

After a 18 months of research and reading the HC bill I found that this bill will drive costs up not down not to mention add to our deficit. I did find ways to lower costs. Two things that will drive costs down are:

1: If you are a NON-citizen and you got to the ER and cannot pay ICE will meet you at the door, your immigration status is revoked and you will be deported. Your employer will then pay that cost plus 25%.

2: Eliminate lawyers and use a system such as TX uses with workman's comp. You are awarded money based on the injury/malpractice. Monies recived will be about the same as sueing and paid at the time of the offense, not tied up in court for years saving about 2/3ds of the cost. Malpractice insurance runs from 20,000 a year to 250,000 a year.

These are basic ideas without details.
I'm there, Old, Tired, Broke and Henpecked
Dan L.
  •  Dan L.
  • 60.96% (Friendly)
  • Ride Supervisor
Wednesday, September 15, 2010 6:50:30 AM
And we still don't know what's in the bill. These are just some tidbits that have been discovered. One can only hope that 1 of the 20 states suing the Government over the HC bill will be sucessful. If they can defeat just one portion of the bill, then the entire bill will die!
DOGMAN
Wednesday, September 15, 2010 8:19:09 AM
MORE ON THE INSANITY! I have been preparing taxes for the biz for
30+ years and had PTIN number which qualifies my signature on a return. This number has been free. Now! It will cost me $ 76 (the
present proposed cost) May be more to keep the number. Between the
God awful increase in 1099's and the cost of same this is looking to be a paperwork nightmare.
And if you go into get a truck repair in one shot with a cost over $ 600 then you'd better also get their tax ID number because you will have to send them a 1099.
And on it goes.
Pinetar
  •  Pinetar
  • 87.34% (Honored)
  • Operations Foreman
Wednesday, September 15, 2010 8:40:50 AM
Quote:

quote:


Originally posted by DOGMAN

MORE ON THE INSANITY! I have been preparing taxes for the biz for
30+ years and had PTIN number which qualifies my signature on a return. This number has been free. Now! It will cost me $ 76 (the
present proposed cost) May be more to keep the number. Between the
God awful increase in 1099's and the cost of same this is looking to be a paperwork nightmare.
And if you go into get a truck repair in one shot with a cost over $ 600 then you'd better also get their tax ID number because you will have to send them a 1099.
And on it goes.



Looks like a situation waiting for an iPad application. What will the racket agents do when the player insists that he sends them a 1099. LOL
UserPostedImage
Matt C.
Wednesday, September 15, 2010 9:30:06 AM
Quote:

quote:


Originally posted by Pinetar

Quote:

quote:


Originally posted by DOGMAN

MORE ON THE INSANITY! I have been preparing taxes for the biz for
30+ years and had PTIN number which qualifies my signature on a return. This number has been free. Now! It will cost me $ 76 (the
present proposed cost) May be more to keep the number. Between the
God awful increase in 1099's and the cost of same this is looking to be a paperwork nightmare.
And if you go into get a truck repair in one shot with a cost over $ 600 then you'd better also get their tax ID number because you will have to send them a 1099.
And on it goes.



Looks like a situation waiting for an iPad application. What will the racket agents do when the player insists that he sends them a 1099. LOL



LOL
Matt Cook
Matt's Carnival Warehouse / Matt's Web Design
http://www.carnivalwarehouse.com 
http://www.mwdwebdesign.com 
LB Shows Mini Midway
Wednesday, September 15, 2010 9:56:54 AM
Does this mean us marks have to pay by check or credit card when we play a joint or buy tickets?
flamo
  •  flamo
  • 87.94% (Honored)
  • Operations Foreman
Wednesday, September 15, 2010 5:47:23 PM
Take a real goood look at the mess in DC and for that matter state gvt. This is the result of people putting idealogy over common sense and good business practices. Between Obama, Pelosi, Reid and the rest of that crew they don't have enough business or common sense to run a lemon shake up at the world's fair on a hot day with out it losing money even if they had they X
I'm there, Old, Tired, Broke and Henpecked
flamo
  •  flamo
  • 87.94% (Honored)
  • Operations Foreman
Wednesday, September 15, 2010 5:55:33 PM
Quote:

quote:


Originally posted by DOGMAN

MORE ON THE INSANITY! I have been preparing taxes for the biz for
30+ years and had PTIN number which qualifies my signature on a return. This number has been free. Now! It will cost me $ 76 (the
present proposed cost) May be more to keep the number. Between the
God awful increase in 1099's and the cost of same this is looking to be a paperwork nightmare.
And if you go into get a truck repair in one shot with a cost over $ 600 then you'd better also get their tax ID number because you will have to send them a 1099.
And on it goes.


I called the medicaid office to have my wife put on it. I asked what I needed to do. Their advice was to hire a lawyer. Cost to me was $2000. Not to mention it took a month to gather up all the paperwork they wanted.
Will you have to hire a lawyer to complete the 1099s and send one to him too?
I'm there, Old, Tired, Broke and Henpecked
geewizz66
Wednesday, September 15, 2010 8:25:11 PM
AIN'T CHANGE GRAND!
Geewizz66
Benjibear
Thursday, September 16, 2010 1:44:58 AM
Quote:

quote:


Originally posted by flamo

Take a real goood look at the mess in DC and for that matter state gvt. This is the result of people putting idealogy over common sense and good business practices. Between Obama, Pelosi, Reid and the rest of that crew they don't have enough business or common sense to run a lemon shake up at the world's fair on a hot day with out it losing money even if they had they X



Don't just pick on one party because the Republicans would have it screwed up as well and not make any money. Then just think if both parties were trying to run it. Oh my, how did our country get in this mess?

The reason behind the 1099's is that the government felt that many businesses were under paying on their taxes. I am not sure this is going to solve it. It will only help with a business that only caters to other businesses.
It is what you learn, after you know it all, that counts.
flamo
  •  flamo
  • 87.94% (Honored)
  • Operations Foreman
Thursday, September 16, 2010 6:12:27 AM
I guess they would know, the man the appointed to check that money was a tax cheat. Gietner?? And what about Rangle, the tax writer himself. It just proves almost all in congress, the current admin particularly, don't know crap about business or healthcare. This Nov it hope and change time again. HOPE the mess can be straightened out by a CHANGE in congress.
I'm there, Old, Tired, Broke and Henpecked
Soda Guy
Friday, September 17, 2010 11:13:33 AM
I haven't read the whole thing but if this also goes for non-profits what a nightmare for them. Our local car club is having their cruize on Saturday Night (last year had 455 cars) and the car show on Sunday had over 500 cars and that was in the rain. Well every year for the last 20 years they have raffled off a car, not this year. Because of the new regs in Indiana for gambling the permit process is just crazy. Nobody really wanted to step up and hadle the extra paperwork and I don't blame them. Just more BS that is coming up in the next few years.
Users browsing this topic