DUmmies discover 1099 requirement.

[thundley4]

Leopolds Ghost   (1000+ posts)           Wed Jul-28-10 04:33 AM
Original message
Health Care Act includes provision to force Self Employed to report their purchases to IRS
   
On their 1099. (All purchases over $600 a year)

As a way to help "pay for" the massive giveaway of funds to create a private trust of insurance cos.

that Americans who do not know how to object (there are several allowable objections for the
uninsured to avoid the $1000 fine) will be fined for not purchasing... goods (commoditized insurance) from.

Bye-bye personal information, it is now the business of the State what you buy and from whom
(including commoditized insurance, a supposedly private contract with a supposedly private entity).

It also punitively targets people who invest in gold, See this thread:

http://www.democraticunderground.com/discuss/duboard.ph...

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x8830492

ixion   (1000+ posts)             Wed Jul-28-10 06:32 AM
Response to Original message
1. Yep. It was devastatingly stupid to pass that so-called 'reform' bill as it was written
   
and we're seeing the results of that now.

Hey DUmmie.  I hate to say we told you so, well, no I don't. We told you this was a bad bill.

AnArmyVeteran   (1000+ posts)             Wed Jul-28-10 01:05 PM
Response to Reply #1
40. Who put this in the bill? Was it a republican poison pill?   
   
It's easy for your opponents to slip things in any huge bill that will go unnoticed until later when it's too late. Are there any ways to track the sources/authors of every part of a bill? I know at this point it doesn't matter because democrats will get the blame for every line in the bill even if they didn't write this part of it. I'm not saying republicans did this but I'm sure they used every legislative trick to sabatogue the bill. They want our government, our country and democrats to fail and they couldn't care less if they destroyed the country.

Don't blame the GOP, this is all the Dems travesty.

quaker bill (1000+ posts)           Wed Jul-28-10 07:46 AM
Response to Reply #2
5. Jewelers and gold traders
   
understand that this provision applies to folks trading in physical commodities, such as gold and coins. Currently, if I trade in financial instruments, such as stocks and bonds, the proceeds paid out to me must be reported on a 1099. However, if I similarly trade in bullion or coin, the proceeds are not reported. The new law will require reporting of these proceeds which will then be taxed to the extent capital gains were made on the transaction. You were always required to report such gains on your 1040 and pay taxes on them, but without the 1099 from the buyer, the IRS would have a difficult time proving you had such income, under this law this sort of income will be easier to track.

Glenn Beck's gold traders are furious. However, all reports aside, this is not a new tax, you were always supposed to report this sort of gain and pay taxes on it. It will now just be easier to tell if you are cheating.

It also let's the government know who to confiscate the gold from.

Leopolds Ghost   (1000+ posts)           Wed Jul-28-10 11:31 AM
Response to Reply #5
23. This has nothing to do with Glenn Beck. It's not restricted to gold, and Dems buy gold too.
   
But thanks for absorbing the talking points -- do you LISTEN to Glenn Beck? I haven't heard or read what that guy's opinion is in 5 years. About anything.

Of course this sort of logic implies that if something hurts Republicans or helps members of YOUR party than it is good.

I guess self-employed people are not supposed to be Democrats.

Or you feel they should pay a capital gains tax on EVERY TRANSACTION they make.

Evil Capitalists Must Suffer.

[Ralph Wiggum]

AnArmyVeteran   (1000+ posts)             
Wed Jul-28-10 01:05 PM
Response to Reply #1
40. Who put this in the bill? Was it a republican poison pill? 

Karl Rove, you magnificent bastard!

[DumbAss Tanker]

Quaker Bill obviously doesn't understand what is and isn't on a 1099.

[Karin]

Yeah, he confused me, too.  Huh?  But setting that aside, this is outrageous.  Can you imagine the amount of record keeping this generates?  Everything over $600 from everybody in the country?  Just imagine that for a minute.  
We have GOT TO REPEAL THIS PIECE OF SHIT.  

I just dashed off an angry letter to Bill Owens.  He's a newbie, so he still reads his mail.  I got an autoresponse saying "Thank you again for contacting me. My door is always open."  I doubt it. 

[DumbAss Tanker]

We have GOT TO REPEAL THIS PIECE OF SHIT.  

 

[Karin]

It's actually worth it to row over and read the thread.  Phoebe Loosinhouse is kicking ass and taking names.  Here's a rare issue where we can unite with the DUmmies.  Except for those going  because they can't bear to criticize anything with a D attached to it. 

[jukin]

Safe to say that there is no longer a media but rather an in the open propaganda arm for fascism.

[ScubaGuy]

I'm a small business and I took a look at my 2009 purchases and if this were in effect this year I would need to acquire EIN's for 22 companies that I did over $600.00 in business last year.  Three of them aren't US companies!

Idiots. 

Just what I need.  More paperwork.

Just think how may millions of 1099's are going to filed next year.

[Carl]

Do they get the picture that this is a new avenue to TAX those that are predominately under Os 250,000 threshold?

[debk]

 

I'm an independent contractor. I don't get W-2's, I only get 1099's.

I don't get one, if I make less than $600 from a particular company, but I still have to keep track of how much I make from each company and pay tax on it.

I pay Verizon well over $600 in a year in deductible business expenses....does that mean I now have to get a 1099 from them? And pay additional taxes? I already pay them a flippin' fortune (relatively speaking) in local, state, federal and any other tax they tack on to my bill!!

Right now, if I only sell foreclosures, I don't have to advertise them in print media. When I advertise fair market properties, I do have to. $600 is gone in a heartbeat. Taxes are added to the bill from the newspaper. Does this mean I have to pay more?

Like any self-employed person, I already pay both employer/employee taxes.

I sure HOPE that all those a**h**** are liking this Hope & Change crap they voted in, and are getting screwed over as much as those of us who didn't!! 

[Karin]

Daily Caller

There's the link to the article in the Daily Caller about it.  There are currently 3 bills afoot to carve that out and shitcan it.  BTW, it would be 2012.  Write your congresscritter about this one, please!!!  


(debk, you would be preparing a 1099 for Verizon and sending it to them, as income to them.  You wouldn't be taxed on it, it's your deduction.  Just sit and contemplate the paper required for all this nationwide.  Goodbye rainforests.) 

[debk]

Daily Caller

There's the link to the article in the Daily Caller about it.  There are currently 3 bills afoot to carve that out and shitcan it.  BTW, it would be 2012.  Write your congresscritter about this one, please!!!  


(debk, you would be preparing a 1099 for Verizon and sending it to them, as income to them.  You wouldn't be taxed on it, it's your deduction.  Just sit and contemplate the paper required for all this nationwide.  Goodbye rainforests.) 

Thanks Karin, I reversed what I read. 

[Texacon]

AnArmyVeteran   (1000+ posts)             
Wed Jul-28-10 01:05 PM
Response to Reply #1
40. Who put this in the bill? Was it a republican poison pill? 

Why would it matter who put it in the bill?  Didn't we say 'Read The Bill'?  The Dems voted this piece of shit in ALL BY THEMSELVES and they will pay the political price for it.  Do I feel badly for them .... NOPE!

KC

[miskie]

AnArmyVeteran needs to brush up on Civics 101. The short version is that the minority party really can't write anything into any bill, since everything is worked through committees that are staffed by the majority party.

So, if a Republican inserted this 'poison pill' - it was with the express understanding and permission of the Democrats.

Unless, you think that maybe some evil knuckledraggin' rethuglikkkan skulked into chambers in the wee hours, and replaced pages 1186 to 1188 in the bill without anybody knowing. The only way this would happen would be in a comedic movie starring Will Ferrell as an evil politician.


Hey, Pelosi warned you -- she said we would find out what's in the bill after it gets passed. Surprise !!

[diesel driver]

I'm a small business and I took a look at my 2009 purchases and if this were in effect this year I would need to acquire EIN's for 22 companies that I did over $600.00 in business last year.  Three of them aren't US companies!

Idiots. 

Just what I need.  More paperwork.

Just think how may millions of 1099's are going to filed next year.

From what I've heard, the amount of 1099's filed will increase at least 10 fold.

Now, somebody tell me just HOW is "health care reform" supposed to save money?  I keep forgetting.

[Karin]

10 fold?  10 fold?  Probably more like 1,000 ++++ fold.  The small biz where I work has, I'm guessing, 500 vendors.  And we're just a 100 employee place.  Think of all the businesses in this big country.  A million fold?  More?

[Karin]

Remember this?  Of course you do.  I sent a rant to my congresscritter, and he just sent a newsletter out.  He said this:

Last week, I was proud to work with Congressman Scott Murphy to introduce H.R. 5982, the Small Business Tax Relief Act.  If passed, the legislation would eliminate a reporting requirement, contained in the recent health care reform bill, which would require small business owners to report to the IRS any vendor payment more than $600. While the reporting requirement provision included in health care reform is not scheduled to take effect until 2012, I believe we should reverse it before it takes effect so that we can give our entrepreneurs the tools they need to hire and expand. 

Of course, I want the whole shitbomb repealed, but this is a start.  Thought I'd update you. 

[AllosaursRus]

AnArmyVeteran   (1000+ posts)             Wed Jul-28-10 01:05 PM
Response to Reply #1
40. Who put this in the bill? Was it a republican poison pill?   
   
It's easy for your opponents to slip things in any huge bill that will go unnoticed until later when it's too late. Are there any ways to track the sources/authors of every part of a bill? I know at this point it doesn't matter because democrats will get the blame for every line in the bill even if they didn't write this part of it. I'm not saying republicans did this but I'm sure they used every legislative trick to sabatogue the bill. They want our government, our country and democrats to fail and they couldn't care less if they destroyed the country.

First off, Army Vet my rosy red ass!

Second, hey stooooopid, fly back from Uranus via your "flux capacitor" driven mentally retarded mind, and please note: They frikkin' locked the doors on Repubs, while they wrote this travesty in private! Then, didn't even allow enough time for their own people, who weren't in on it, to read the POS before they passed it!!!!!!!!! Don't believe me? Look it the **** up! Should be no problem for the smartest most intelligencier person on the planet!

Third, hows life on the other side of the "Looking Glass"??? My dogs have more class when they wallow in horse shit! Way more intelligence, too, but that's a given since you reside on Skin's Island which is held afloat by nothin' more than DemonCrap.

[TheSarge]

AnArmyVeteran   (1000+ posts)             
Wed Jul-28-10 01:05 PM
Response to Reply #1
40. Who put this in the bill? Was it a republican poison pill? 

Sorry DUmmie. 

Stretch Pelosi completely shut out the Republicans from having anything to do with this train wreck.

It's all yours.  You don't get to rewrite history on this.

[Karin]

Of course he doesn't know that; he doesn't know anything.  He ranks as one of the stupidest people over there.  Ignorant, uninformed, childlike intellect.  I think he's definitely going on my list.