I guess I've got to send a 1099 to Costco?

http://online.wsj.com/article/SB10001424052748704913304575371033842971968.html

 

I'm confused.

 

If you're spending $600 or more at a vendor, you have to send them a 1099.

You're an independant contractor right? more forms to fill out!

 

What the fuck! I'll have my accountant deal with that shit! Every year I have about 10 or so W-2's and 15 1099's! Such a pain in the ass! 3 summers ago I filled out State Income Tax forms for about 13 states! CRAZY!

 

TAco Bell gets one too!

 

I believe this is just for business to business transactions, not consumer to business transactions... Am I wrong?

 

The "just" in your sentence implies it somehow matters.

 

You don't send anything to *Costco*... you send it to the IRS. Perhaps then tje IRS takes that info and adds up all the $$ business that spent at Costco (in reality though it isn't the big companies they are going to catch... but much smaller ones) If Costco reports less income that the what all the other companies say they spent there... something is wrong (Costco under reported their income). Also if you are somehow spending more money than your reported income... something is awry.

I'm not an accountant (though it might be good to be one now) =) but I am thinking it will be a pain for some companies to get all the taxids etc... to report this. Companies are already going to track their expenses... now they just have to put them on a report to the IRS.

 

Just curious, but will BeerBoy have to send one to your wife? Or her to him?

 

Ah, Snap! Well played.

 

Costco also receives a copy of the 1099 actually.

 

So..if you run a small store, and a business buys $600 or more of stuff, you have to have a fucking 1099 for every one of your customers now? for sales (not a service)?

wtf.

 

Unfortunately it looks that way.

 

Yeah this whole thing is utter BS. Way to go Obushma.

 

what's the compliance rate going to be on this? I imagine very very fucking low. like single digits.

 

awesome! repealed!!!!

http://www.latimes.com/business/la-fi-small-business-tax-20110406,0,2131736.story

fuck you Obama!!!!! :MARIS61:

 

wow that would have been a nightmare

 

Now that they've passed ObamaCare, they don't have to pretend they care about how much it will cost. Of course they repealed this silly part of the bill.

 

That's why the IRS is going to fund 1054 new agents next year, as a start.

http://www.usnews.com/news/blogs/wa...care-reform-law-requires-new-irs-army-of-1054

"We have to pass the bill so you can see what's in it" - Nancy Pelosi

[video=youtube;hV-05TLiiLU]http://www.youtube.com/watch?v=hV-05TLiiLU[/video]

 

Exactly. Plus, the $500 billion Medicare "cut" that they had the CBO double count to get under $1 trillion is back in the bill, so it's already way over projected CBO costs.

But, Paul Ryan wants to kill old people, according to the DNC. Why the Democrats can't act like adults and actually debate the problems we confront is frustrating to me. It's the same old tired act, year after year after year. The GOP are racists, they hate old people, they only support the rich, blah blah blah.