2012: all companies must issue 1099 forms for > $600 goods or services

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AllyBu says

NellaLlama
NellaLlama says:
According to the article, you DO have to send to corporations, this is one of the changes.

"The bill makes two key changes to how 1099s are used. First, it expands their scope by using them to track payments not only for services but also for tangible goods. Plus, it requires that 1099s be issued not just to individuals, >>> but also to corporations.<<< "
____________________________________________________

see my subsequent post

Posted at 2:07 pm May 6, 2010 EDT

eggagogo says

weird. marking.

Posted at 2:19 pm May 6, 2010 EDT

I hope Artbeads is ready for all those 1099's to fly in from all of us jewelry peeps on Etsy :)

(What kills me is how we will have to absorb more Man Hours to calculate, fill out and send those notices. Gah, I wish there were a way Gov could make sure all report their income without making small businesses add more labor hours to support this endeavor)

Posted at 2:20 pm May 6, 2010 EDT

What about buying supplies from other countries?

Posted at 2:25 pm May 6, 2010 EDT

dkshattuck says

I find myself wondering how exactly millions of 1099's are going to help the government in any way?! Unless this is some sort of plan for employing more people in government jobs to track, manage and shred them all?

If they want to audit small businesses surely they can do it without a monster pile of 1099's added to the mix?

Posted at 2:28 pm May 6, 2010 EDT

my BF has his own business and i just sent him the article. i think he's going to end up retiring if he has to go through all that bullshit.
way to go, mr. president.

Posted at 2:32 pm May 6, 2010 EDT

drumchick99 says:
What about buying supplies from other countries?
_________

Interesting...maybe I should look for Canadian suppliers for some of my stuff, then I might not have to worry about this mess...

Posted at 2:32 pm May 6, 2010 EDT

I handle the ALL of accounting end of things for my husbands business and it allows me to work from home, take care of our kids, do my fun things like Varia.

This little law insert to the US Health care package is going to add HOURS to my January. 1099 must be out in the mail by January 31. Just one more stress added to the small guy. January was a swamped month to begin with, but this might just force me to give up Varia.

I think I'm going to go cry into my Bourbon now.

Posted at 2:35 pm May 6, 2010 EDT

I am foreseeing the end of small business' like ours... in the near future.. too many things always going against us... Have not read the article yet, butno way can I deal with that crap.. life is already too complicated

Posted at 2:38 pm May 6, 2010 EDT

DanaCastle says

Ugh. My heart has sunk into my stomach, and is now being slowly and painfully disgested.

Why on earth did anyone think this was a good change to tack onto the health care bill? A waste of paper and a waste of time.

Posted at 2:39 pm May 6, 2010 EDT

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