More scary than funny if you ask me

Yeah, kinda like the "joke/hoax" that Muslims and Scientologists will be exempt from the mandatory health care tax. Oh wait, that's "real law/policy" included in the bill, my bad...
+1000 :(

I agree with this take on the matter:The 1099 Tsunami by Gary North

Just imagine the hundreds of thousands of billions and billions of 1099's that companies like.. oh say.. Home Depot will get from all the contractors and general small business who buy there.
or Costco...
or Sam's Club...

Cripes, I'll bet they could spend an entire year just filling them all out. Individually, of course....

The difference is that the current law covers contract/service work (i.e., if you pay for a security guard, musical band, plumber, etc..) the current law does not included products that you buy (i.e., inventory, supplies, equipment purchases).

The purpose of the current law is for the IRS to capture anyone making a living that is not "an employee" and therefore the IRS wants their social security & medicare tax (or self employment tax).

This new rule makes absolutely no sense to me as far as any benefit to the IRS.

I hate doing 1099's but what's even worse is getting these service contractors to complete a W-9. I'm assuming that besides issuing a 1099 to every business, you will also have to collect a w-9 from them as well.

Can someone please explain what the hell this has to do with health care anyway??

Lastly, let's all remember to vote them out in November!

Well, i guess we see how they plan to fund HC now.

Next thing you know, they will be adding additional staff at the IRS to process all this and then Obama will be telling us how many jobs are being created.

Oh, they're clearly going to have to add a LOT of jobs at IRS for this. What was it, 16,000 new IRS employees will be required?

We saw their weapons orders, someone posted them here. They clearly plan to be doing some literal barrel of the gun collecting.

Hope and Change. (TM)

From accounting on the web

Costly changes to 1099 reporting in health care law | AccountingWEB.com

But, I now understand why this is happening. You need this in place, for a Value Added Tax (VAT).

Content is secondary to intent, uh huh.

I tremble in anticipation of the "gifts" forthcoming in the financial reform act. Senator Dodd's proposed financial reform bill is over 3 million pages in length. It's 1000 times the size of the health care act, so I hope the "gift" count is 1000x. I feel like a kid on Christmas morning.

So basically any time one spends $600 for something, they need to 1099 it, is that what i'm getting?

Ie, go buy a widescreen TV, and the CONSUMER has to send a 1099 to the store he bought it at, AND to the IRS?

Yeah....that'll work.

Just wait till your business gets an incorrect 1099.

This is an utterly massive governmental bureaucratic reach. One of the biggest i have ever seen in my entire life. A MASSIVE tax increase and an actual burden that will affect every single American.

WHAT ELSE IS IN THIS "HEALTHCARE" BILL??????

Someone has to stop the Socialist in chief and those fruit loop democrats before it's too late.

Oh, whoops. Too late.

There is a "Small Business" exemption in this, so I need to dig in to find out if we're exempt.

This will create more jobs......
I'll have to hire a full time secratary to keep up with this BS

It's certainly creating more jobs at IRS and HHS...

Remember when Pelosi said "just pass the bill then you can read it later"....

Well kids, this is just the tip of the iceberg. There is more crap and BS hidden in that 2900 page piece of legislation (being kind here) that will bankrupt us than most of us can imagine.

This needs to be repealed and now. Right after we vote all of the bums out of office.

Why? We use quickbooks and it will identify all the transactions. The primary thing will be to identify the EIN or TIN for each transaction. It will simply become one more thing for us to do.

Again, if you think about it, this will have to be put in place for a VAT system. I think this is "priming the pump", getting the information flow ready, before a VAT is enacted. Do not be surprised if Obama calls a lame duck session of Congress in the fall to enact this.

Funny! This came up on the Spell Check. Look at the last one. I didn't realize I had the option...

http://forums.pelicanparts.com/uploa...1274796370.jpg

Actually, thinking about it, ignoring Obama would be a bad idea....

Fine then you first. Meanwhile, stay the hell outta my wallet and freedoms.

This explains why a buddy of mine who sells advertising recieved a 1099 imn the mail the other day...

rjp