A Blizzard of Paperwork is Coming Your Way
Section 9006 of the health care bill — just a few lines buried in the 2,409-page document — mandates that beginning in 2012 all companies will have to issue 1099 tax forms not just to contract workers but to any individual or corporation from which they buy more than $600 in goods or services in a tax year…
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.
Taken together, the two seemingly small changes will require millions of additional forms to be sent out.
Full article on the new 1099 requirements imposed by ObamaCare.
When is it going to dawn on everyone that the decision makers in the White House and on Capitol Hill have never had a real job in the private sector.
They have no idea what it means to run a business, meet a payroll or deal with mounds of peper work.
So why would you expect anything different?
Everyone I have talked to in business is just incredulous over this.
In order to file a 1099, firms ask individuals performing services to fill out a W-9 form. Does this mean companies have to request W-9 forms from every vendor they purchase services from in case annual purchases exceed $600? This sounds like a huge burden.
Devon, I believe it is a huge burden. A huge, huge burden.
Where is Malcolm Gladwell’s tipping point on this one? You would think that people would go on strike.
I can’t figure out what the point of this is. How does it help the government collect more taxes?