Those voices don't speak for the rest of us

[Bob]

Are you reading anything besides the NYT Bob? :roll:

what are taking with you into the fallout shelter...the journal?

 

[Geo]

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.

I haven't read the healthcare bill. But when I read this thread (starting with Post 15) I was under the impression that I just learned that-

one of the ways the gov't would help fund the healthcare reform was to use the money collected as a result of changes in reporting rules.

NOTE: I'm not talking about the mandate requiring me to be insured. But for the record I personally oppose it. And if it was up to me this bill wouldn't have been a sweetheart deal for the health insurance companies. I don't think Obama originally intended this either. But again- I'm not talking about this right now. I'm talking about the "burden" of the reporting changes.

 

[30ashopper]

I haven't read the healthcare bill. But when I read this thread (starting with Post 15) I was under the impression that I just learned that-

one of the ways the gov't would help fund the healthcare reform was to use the money collected as a result of changes in reporting rules.

NOTE: I'm not talking about the mandate requiring me to be insured. But for the record I personally oppose it. And if it was up to me this bill wouldn't have been a sweetheart deal for the health insurance companies. I don't think Obama originally intended this either. But again- I'm not talking about this right now. I'm talking about the "burden" of the reporting changes.

Sure sounds like an added burden to me. The whole thing stinks. From the article:

But under the new rules, if a freelance designer buys a new iMac from the Apple Store, they'll have to send Apple a 1099. A laundromat that buys soap each week from a local distributor will have to send the supplier a 1099 at the end of the year tallying up their purchases.

Why did these tax code revisions get included in a health-care reform bill? Welcome to Washington. The idea seems to be that using 1099 forms to capture unreported income will generate more government revenue and help offset the cost of the health bill.

Talk about ridiculous requirements. It doesn't even have anything to do with healthcare, it's just a revenue gimmick designed to clamp down on where the money flows. The whole thing makes me sick.

 

[scooterbug44]

But if you buy the laptop w/ a credit card or debit card, no issues.

Whole lotta fuss about nothing as far as I can see. That's the whole point of a company credit card.

 

[Geo]

Hang on a sec. Without knowing anything at all (disclaimer) I would still be under the impression that this would not apply to retail purchases. Because the buyer is already itemizing these and the seller is already declaring these transaction when they collect and pay sales tax.

I would believe this would only be for vendors who wholesale goods and materials that the gov't doesn't know about because there's no sales tax collected.

As such, the Apple example is bogus.

Someone jump in and clarify please.

 

[Lynnie]

There is a government entity (Fed, State or Local) that knows who is wholesaling and who is purchasing from the wholesaler. An application is made for a Tax Exempt ID - or the FEIN is reported.

 

[LuciferSam]

Hang on a sec. Without knowing anything at all (disclaimer) I would still be under the impression that this would not apply to retail purchases. Because the buyer is already itemizing these and the seller is already declaring these transaction when they collect and pay sales tax.

I would believe this would only be for vendors who wholesale goods and materials that the gov't doesn't know about because there's no sales tax collected.

As such, the Apple example is bogus.

Someone jump in and clarify please.

Obama is a socialist!;-)

 

[30ashopper]

But if you buy the laptop w/ a credit card or debit card, no issues.

Whole lotta fuss about nothing as far as I can see. That's the whole point of a company credit card.

Which begs the question, does this mean that banks are now required to report any purchase on a credit card over $600 to the IRS?

 

[30ashopper]

Hang on a sec. Without knowing anything at all (disclaimer) I would still be under the impression that this would not apply to retail purchases. Because the buyer is already itemizing these and the seller is already declaring these transaction when they collect and pay sales tax.

I would believe this would only be for vendors who wholesale goods and materials that the gov't doesn't know about because there's no sales tax collected.

As such, the Apple example is bogus.

Someone jump in and clarify please.

That description fits me perfectly. As an independent contractor, I'll now have to file 1099's for any company or individual I purchase hardware or software from. If I had to comply this year this would represent about six different filings. I wonder what the tax id is for Apple, Dell, and Adobe? I also purchased some testing software from an individual, whose tax id number would likely be their social security number.

 

[30ashopper]

Obama is a socialist!;-)

Whatever he is, he sure makes a lousy president.