Unless I'm misunderstanding this, it sounds like (for 2012) if we buy a computer or we pay phone service in excess of $600 for the year, then we have to send a 1099 to Office Max/AT&T (or whoever).
According to this report they expect to raise $345 billion from new paper trails. It's been on hold since '07 waiting for the right bill to come along and so they stuck it in with Health Care (no one wants credit for this -- committee chairmen Baucus and Grassley refused to comment). It says the requirement that businesses file 1099s when they purchase goods took everyone by surprise. Amen to that.
Of course this means lots of new work for us, but talk about government intrusion into your lives...
***Deleted the part about individual credit card statement/bank statement recaps going to IRS -- another article says IRS won't identify individual cardholders. Also, the above article says debit/credit card reporting is done by the 3rd party processors (VISA, etc.) who will have to send 1099s to retailers (or whoever) processing more than 200 payments a year totaling more than $20K. Guess they're trying to catch the small stores who don't turn anything in. Google "1099K" and take a gander. It's pretty detailed (by the month) and certainly nails 'em down on sales.
According to this report they expect to raise $345 billion from new paper trails. It's been on hold since '07 waiting for the right bill to come along and so they stuck it in with Health Care (no one wants credit for this -- committee chairmen Baucus and Grassley refused to comment). It says the requirement that businesses file 1099s when they purchase goods took everyone by surprise. Amen to that.
Of course this means lots of new work for us, but talk about government intrusion into your lives...
***Deleted the part about individual credit card statement/bank statement recaps going to IRS -- another article says IRS won't identify individual cardholders. Also, the above article says debit/credit card reporting is done by the 3rd party processors (VISA, etc.) who will have to send 1099s to retailers (or whoever) processing more than 200 payments a year totaling more than $20K. Guess they're trying to catch the small stores who don't turn anything in. Google "1099K" and take a gander. It's pretty detailed (by the month) and certainly nails 'em down on sales.
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