Those voices don't speak for the rest of us

[futurebeachbum]

Good Heavens! What an administrative nightmare!!! Well, at least they are successful in 'creating new jobs!' Either hire personnel or outsource for this!

This will end-up pushing many small businesses towards shutting their doors. The costs of compliance and the fines for non-compliance will be too much for them to justify continuing on.

This is just more evidence of the deep seated disdain with which this Congress and the Obama Administration view small businesses.

 

[Lynnie]

This will end-up pushing many small businesses towards shutting their doors. The costs of compliance and the fines for non-compliance will be too much for them to justify continuing on.

This is just more evidence of the deep seated disdain with which this Congress and the Obama Administration view small businesses.

Please stop. I had control over my shock from this behemoth of government control passing and it (my shock) seems to be surfacing again! Hopefully, the junk can be repealed.

 

[idlewind]

I find it really interesting that President Obama has singled one family out and taken something from that family..what exactly has he taken?..............


........I do not understand how people who claim to want everyone to be responsible for themselves, find it so easy to believe that just because one person has something, it is automatic that something has been taken from another.[/B]

I bet your child will find a way to get an education if she has that as her dream...and hopefully others will be lifted up by the example of a student working hard to acheive...who knows, your student might even find it rewarding and satisfying enough to want to to give something back someday. We all need uplifting in these difficult times--perhaps you can rethink your approach and find something positive to put energy into...

Simple economics, unless you are producing something new, someone must pay for what you get. And if one person is getting it for free, it follows that someone else is paying, either voluntary (tuiton) or involuntary (taxes.)

 

[NotDeadYet]

IRS Requests Public Input on Expanded Information Reporting Requirement

IR-2010-79, July 1, 2010

WASHINGTON ? The Internal Revenue Service today invited public comment on how to most effectively carry out a law change that, starting in 2012, will require businesses to report a wider range of payments to contractors, vendors and others, usually on Form 1099. These comments will help the IRS issue guidance that implements this provision in a manner that minimizes burden and avoids duplicate reporting.

Under a proposed regulation, many business purchases made with credit or debit cards would be exempt from the new reporting requirement because they are already reported by banks and other payment processors. The IRS seeks comments on additional circumstances in which duplicate reporting might otherwise occur and on rules that would prevent such duplicate reporting.

The change, enacted in March but not effective until 2012, expanded existing reporting requirements to include a business?s payments related to goods and other property, and payments to most corporations. With some exceptions, payments to corporations are currently exempt from this requirement.

There are three ways to submit comments.E-mail to:

• Notice.Comments@irscounsel.treas.gov. Include ?Notice 2010-51" in the subject line.
• Mail to: Internal Revenue Service, CCA:LPDR ( Notice 2010-51), Room 5203, P.O. Box 7604, Ben Franklin Station, Washington, DC 20044.
• Hand deliver to: CCA:LPDR ( Notice 2010-51), Courier?s Desk, Internal Revenue Service, 1111 Constitution Avenue NW, Washington, DC, between 8 a.m. and 4 p.m., Monday through Friday.

The deadline is Sept. 29, 2010. Further details are in Notice 2010-51, posted today on IRS.gov.

 

[scooterbug44]

What a crock - it's a minor issue that anyone doing a decent job of accounting can easily handle.

If you aren't able to easily determine that you are paying certain vendors more than $600 and print a 1099, Obama is not the reason your small business is in trouble. :roll:

 

[Mango]

What a crock - it's a minor issue that anyone doing a decent job of accounting can easily handle.

If you aren't able to easily determine that you are paying certain vendors more than $600 and print a 1099, Obama is not the reason your small business is in trouble. :roll:

That's not entirely true, Scooty. If you are a new business starting out, even if you offer a lower price on certain items, other companies are already thinking about narrowing down the amount of vendors they will do business which will result in more national vendors and less smaller businesses. Small businesses are the crux of our Countries domestic gross product. It's also where the most innovation stems from, the hungry entrepreneur.

In my opinion, this is a well orchestrated present to the Banks because credit card transactions will be exempt from the reporting requirements. Most small businesses write checks to their vendors to avoid the credit card fees, but there will be some that will be using their corporate cards more frequently for certain purchases.

It will be a logistical nightmare and I can not possibly see how this is going to narrow the reporting gap. If a business is not reporting some of their sales, they are getting cash. How is this going to help?

Trust me, the Banks are all over this like white on rice.

 

[AndrewG]

Looks like the clever editing work of the same Right wingnut case that cleverly edited Shirley Sherrod's tape to hand over to Glenn Beck. Reagan's time, moment, and effectiveness came and went. Today, the World and the U.S. is in a much better place thanks to President Obama and the Democratic Party.

Probably the craziest thing I've ever seen posted here. I couldn't help but laugh. This is so out of touch with reality it's beyond sad. How is it possible for anyone to not have noticed all the small businesses closing and the increase in beggars etc? You live in a nuclear fallout shelter or worse yet prison?

Things are not improving folks and they will continue to spiral downward until certainty is restored. Obama's policies create uncertainty preventing the recovery.

 

[Geo]

Dumb this down for me.

I am under the impression that if I am a small business owner I need to get the tax id number for every supplier with whom I spend more than $600- and then issue them a 1099. But before I freak out let me think about what this really means for me.

Since I use an accountant I can have him perform a quick search to grab this info. And if he doesn't have access to the IRS DB he can have his admin make a quick phone call to the vendor using the phone number from one of their invoices.

And since he/she uses crafty tax software he should be able to pretty much push a button and the 1099 is filled in with the info from the database. Or he can have his admin fill in the info. And if they can't send this electronically to the vendor the admin can mail this using the USPS.

And for this grand total of 3-4 hours extra work this year I'll end up paying an extra $180-$240 in accounting fees (plus postage) which my accountant will of course list under my expenses so I get some of it back.

And next year the accountant won't need to start over but rather he'll only need to reconcile a few items on my supplier list because this list is relatively static.

And since what I am doing is helping to enforce existing tax laws (which will bring in more money to Uncle Sam) it will be helping to pay for our healthcare system, helping to reduce our national debt, etc.

Hmmm. I miss the part about how this is all so very terrible.

 

[30ashopper]

Dumb this down for me.

I am under the impression that if I am a small business owner I need to get the tax id number for every supplier with whom I spend more than $600- and then issue them a 1099. But before I freak out let me think about what this really means for me.

Since I use an accountant I can have him perform a quick search to grab this info. And if he doesn't have access to the IRS DB he can have his admin make a quick phone call to the vendor using the phone number from one of their invoices.

And since he/she uses crafty tax software he should be able to pretty much push a button and the 1099 is filled in with the info from the database. Or he can have his admin fill in the info. And if they can't send this electronically to the vendor the admin can mail this using the USPS.

And for this grand total of 3-4 hours extra work this year I'll end up paying an extra $180-$240 in accounting fees (plus postage) which my accountant will of course list under my expenses so I get some of it back.

And next year the accountant won't need to start over but rather he'll only need to reconcile a few items on my supplier list because this list is relatively static.

And since what I am doing is helping to enforce existing tax laws (which will bring in more money to Uncle Sam) it will be helping to pay for our healthcare system, helping to reduce our national debt, etc.

Hmmm. I miss the part about how this is all so very terrible.

What do you mean by this? Obamacare didn't create a new system, it just forces us all under penalty of law to purchase private insurance which will be more heavily regulated. The added revenue you will pay will be going to the health insurance industry.

 

[Here4Good]

What exactly are you uncertain of?