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1099s to Everyone?

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    #1

    1099s to Everyone?

    Those of us who have construction clients know full well the difficulties associated with getting them to harvest $600 recipient names, addresses, ss# or EIN numbers.

    One of the provisions of the new "heathcare" legislation is start giving these 1099s for expanded reasons and to an expanded recipient base which now includes corporations.

    This is going to be so much fun I can hardly wait.

    Does anyone know more about this? Effective dates, the extent of services, recipients, etc.? By the way, if you can figure out how any of this deals with healthcare, let me know.
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    #2
    It starts in 2012 and removes the corporate exemption. I think it may be a prelude to a VAT. You can't tax income that isn't tracked. Once the income is tracked then they will have an idea of how much revenue is there. We can't have Europeon style heathcare without Europeon style taxes.
    In other words, a democratic government is the only one in which those who vote for a tax can escape the obligation to pay it.
    Alexis de Tocqueville

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      #3
      As of now, my accounting clients don't have to furnish a 1099 among the others I prepare FOR them to my corporation. But if they do, one more for each.
      Ka-Ching!
      ChEAr$,
      Harlan Lunsford, EA n LA

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