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Cumbersome 1099 addition on its way out.

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Copperhead

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FIRST and FOREMOST, this is NOT a political post so please refrain from posting political comments. This post is for our accounting knowledge.
I just read the following law was overturned in the senate:
"Another amendment to the same bill, sponsored by Sen. Debbie Stanbenow (D-Mich.), called for repeal a provision in the health care law that requires businesses to report to the IRS every vendor with whom they have at least $600 in transactions. .... The Stanbenow measure passed ... by a vote of 81 to 17."
Since the article I am quoting from is a highly political one, I am refraining on posting its link. You may Google this info to find its source or other articles that provide verification.
 

Don Draper

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Our accountant told us this would likely be the case...thank goodness!
 

Alibi Ike

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Do you think this will mean that the cc companies will not be doing this then? So I just wasted days of my time trying to straighten out why the IRS and AmEx can't talk to each other about my biz?
 

Don Draper

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Do you think this will mean that the cc companies will not be doing this then? So I just wasted days of my time trying to straighten out why the IRS and AmEx can't talk to each other about my biz?.
Great point, I wonder how this will change the cc stuff. Ours took a while to straighten out too, presumably because we have a corporation name and then a "DBA" name. Surely though that is the case with lots of businesses?
 

Copperhead

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Do you think this will mean that the cc companies will not be doing this then? So I just wasted days of my time trying to straighten out why the IRS and AmEx can't talk to each other about my biz?.
Alibi Ike said:
Do you think this will mean that the cc companies will not be doing this then? So I just wasted days of my time trying to straighten out why the IRS and AmEx can't talk to each other about my biz?
Wonder if this will stop this as well.
 

egoodell

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Good news. And I'm not affiliiated with either party, but will be sure to check WHICH IDIOTS were the 17 voting against this repeal??????????
RIki
 

Alibi Ike

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Apparently this does not apply if you hire independent contractors to do work- the lawn person, housekeepers that you don't pay taxes for, that sort of thing. So, you still need to send those out. You just don't need to send them out to Costco and the like.
 

Don Draper

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Good news. And I'm not affiliiated with either party, but will be sure to check WHICH IDIOTS were the 17 voting against this repeal??????????
RIki.
Well, I think that clause in general was put into the bill as a measure to ensure that everyone was paying the income tax that were supposed to...it wasn't until everything got parsed out they it was realized how much more work this was going to make on the bookkeeping end. Plus when they vote on this stuff it's rarely isolated, they're usually voting on a bunch of things together. Ya gotta love our system, it's FUBAR but somehow keeps working!
 

Joey Camb

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we are lucky if you employ an outside contactor it is entirely their own responsibility.
 

One Day

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never understood the 1099.....
I get paid from a company.....I have to deposit the payment......it's reported income.......no matter how you slice it
W-2.......that is understandable
 

Don Draper

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I was envisioning having to get and I-9 form from the grocery store...can you imagine?
 
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