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Then What Good Is It?
The 1099-K was heralded as the coming of age for Big Brother. Not very comforting.
However, I am a proponent of all businesses reporting their total revenue. I believe it is good for the country, good for the fairness of the tax system, and good for the client. Good for the client even though they may pay more in taxes, but good nonetheless because it forces them to deal with accountability and reality.
An ever-increasing portion of receipts is attributable to credit/debit card sales. Only the card issuers were impacted with the cost of accounting for and issuing 1099-Ks. (And trust me, the accounting portion was already being done for their own greedy ends)
So if a small business does not have to include 1099-Ks, then what good are they??
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