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    #1

    6050W Reporting

    Under a Regulation to Section 9006 of H.R. 3590-10 (the new healthcare bill) the IRS carves out an exemption for the new 1099 reporting requirement for payments made by credit card. The reasoning behind this exemption is that Reg. 6050W requires reporting to the IRS of all credit card transactions.

    Does anyone else find the fact that the IRS will now have direct access to our credit card transactions as worrisome as the new reporting requirement?
    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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    #2
    What's there to worry about? Don't most Americans agree that the government should have the right to pry into our personal affairs in any way or manner that the bureaucrats see fit, without any accountablity or oversight?
    "The only function of economic forecasting is to make astrology look respectful" - John Kenneth Galbraith

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      #3
      I believe its the amounts paid to the payees, not the payors. This is to prevent underreporting of income; so people that receive money through paypal, EFT, and credit cards cannot underreport their income without being caught through mismatch, just like all of our 1099-Misc clients.

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      This message board allows participants to freely exchange ideas and opinions on areas concerning taxes. The comments posted are the opinions of participants and not that of Tax Materials, Inc. We make no claim as to the accuracy of the information and will not be held liable for any damages caused by using such information. Tax Materials, Inc. reserves the right to delete or modify inappropriate postings.

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