Source of Legislation

[Snaggletoof]

Added to the Health Care Reform bill was a requirement beginning in 2012 that business entities and proprietorships issue 1099s to all recipients whose payments total $600 or more.

Our ever-vigilant press, so quick to swoop down upon Lindsay Lohan, has somehow in its vast collection process of relevant information has failed to tell us. I'm sure it is just an accidental oversight on their part.

So how can we find out and send him (her) home this fall? I know dozens of people ready to do this. If the answer was "oh...tee hee -- it was done in committee", then we would like to know which committee so we can send every one of them home.

Politics on this board? Notice there is no partisan politics, nor is there an attempt to begin any political discussion. Please honor the rules of the forum and don't let this thread become one. I do think all of us have a right to become familiarized with the civic process which affects our industry.

Does anyone know the particulars of how this got added to the healthcare bill? ...or how ANY such thing can get added without anyone being able to know from whence it came?

[ChEAr$]

Can't say I know how, but maybe why. And that was an attempt to help raise revenue as an
offset to extra health care costs.

But already IRS is looking for ways to lessen the burden and has called for comments from our community. With a possible veritable deluge of 1099's, IRS just hates the thought of having to process all those.

Stay tuned. Possibly congress will repeal this.

[JohnH]

Added to the Health Care Reform bill was a requirement beginning in 2012 that business entities and proprietorships issue 1099s to all recipients whose payments total $600 or more.

Our ever-vigilant press, so quick to swoop down upon Lindsay Lohan, has somehow in its vast collection process of relevant information has failed to tell us. I'm sure it is just an accidental oversight on their part.

So how can we find out and send him (her) home this fall? I know dozens of people ready to do this. If the answer was "oh...tee hee -- it was done in committee", then we would like to know which committee so we can send every one of them home.

Politics on this board? Notice there is no partisan politics, nor is there an attempt to begin any political discussion. Please honor the rules of the forum and don't let this thread become one. I do think all of us have a right to become familiarized with the civic process which affects our industry.

Does anyone know the particulars of how this got added to the healthcare bill? ...or how ANY such thing can get added without anyone being able to know from whence it came?

My political leanings are pretty well known and I'll honor the intent to keep partisan politics ouf of the dicsussion. Having said that, and after having watched the Washington Freak Show on both sides of the aisle, I'm inclined to support voting AGAINST any incumbent from this point on, unless their opponent happens to be a certifiably proven idiot.

[abctax]

Previous info

http://www.thetaxbook.com/forums/showthread.php?t=15218&highlight=1099

Here's where we beat up on them for this before....

[abctax]

And from another forum

http://www.taxalmanac.org/index.php/Discussion:Health_Care_Credit_and_new_1099_requirements

Let's sincerely hope something gets revised/repealed before this goes into effect!

[Black Bart]

Here's

an article... http://money.cnn.com/2010/05/21/smal...ource=cnn_bin%... that lays out the background for it, but I don't think the culprits can be found (per the following excerpt from it):

"How did this sweeping provision end up hidden in the health reform bill? No one is willing to take credit for introducing the new legislation, which appeared in the Senate Finance Committee's version of the health bill last fall. Committee chairs Don Baucus, D-Mont., and Chuck Grassley, R-Iowa, both referred calls to committee staffers, who wouldn't comment on the record".

[JohnH]

So when a congressperson said in a press conference last year "Nobody really reads this stuff", he was telling the truth.

[DaveO]

Okay, I'm gong to trend carefully to avoid politics here and state my belief that this is a prelude to a VAT. Once the amount of money flowing between businesses can be tracked then the revenue from a tax on it can be quantified.

Sen Johanns from Nebraska is introducing a bill to strip this out of the new law. If interested you might contact your Senator and ask them to get on board with it. (Notice no party affliations were noted)