1099 Refusals

[Edsel]

Subtle Strategy

Joan, that might have been a sneaky way for banks to corner the market on this and fee their customers crazy. This might be where it is coming from to begin with.

Don't think for a minute that the big banks and govt don't get together and "tag team" consumers.

[joanmcq]

Have 'em pay by credit card. no 1099s. The credit card companies will love this one!

[MAJ]

Dig in hard now... Start now ..... Make some $$

clients that THEY are REQUIRED to submit these forms and THAT will fulfill my obligation to the client! (I may follow that up with a "sign-off" sheet explaining the same to them to avoid the later, "I was never told" argument)

Now's the time to start automating these cleint with Quicken / Quickbooks.
I see a whole new Avenue of abilities here to make some cash. The do it yourselfers are gonig to have less time if they have to worry about all this stuff. If you start now, start slow and work into it - The software will catch up (sell them new software). The data will be there and all of our jobs will be much easier.

Ouch! that hurt -- just work up from some crazy dream.. Clients organized and all automated.. How funny is that...>??

3:22pm EST -- Hmm.. Think I can get out of here soon? Catch that magical 4:10pm bus..
That's be great!!

Have a great weekend..

[luke]

I will tell

clients that THEY are REQUIRED to submit these forms and THAT will fulfill my obligation to the client! (I may follow that up with a "sign-off" sheet explaining the same to them to avoid the later, "I was never told" argument)

[Edsel]

Fast forward to our 2012 business returns. Corps, partners, proprietors, farmers, etc.

I fully expect at least 1/3 of my customers to TOTALLY REFUSE to issue 1099s to hardware stores, feed & grain stores, corporations, and all the other payees the new law will require. Nationwide, I fully expect that the number of such taxpayers may go into the millions. Here are some of the things we can expect to hear:

a) Oh, I already did them myself this year.
b) I'll find another tax preparer (p.s. don't expect all the bad ones to be gone by then).
c) I'll just not file a return and let them come and get me.

Of all the above, c) is probably what the government best deserves.

Question: What do you plan to tell your clients? Think about it, because it WILL happen.