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Posted: 5/23/2010 5:00:38 AM EDT
[#1]
And, of course, this will include virtually all business travel that involves the pre-purchase of an airline ticket.
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Posted: 5/23/2010 5:02:20 AM EDT
[#2]
Does this include consumer purchases online or small/large business purchases? If I order $600 from XYZ store online over the course of a year, I am getting a 1099?!?
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Posted: 5/23/2010 5:03:39 AM EDT
[#3]
Yes, there have been multiple articles posted here about it over the last few weeks, and how small business owners are fooked. It took CNN a while to finally figure it out (no surprise).
http://www.ar15.com/forums/topic.html?b=1&f=5&t=1034035 |
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Posted: 5/23/2010 5:04:58 AM EDT
[#4]
Quoted:
Does this include consumer purchases online or small/large business purchases? If I order $600 from XYZ store online over the course of a year, I am getting a 1099?!? You would have to SEND them a 1099. That said, I don't know if this applies to the average citizen subject |
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Posted: 5/23/2010 5:05:17 AM EDT
[#5]
"Cash only, please."
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Posted: 5/23/2010 5:05:51 AM EDT
[#6]
Quoted:
Does this include consumer purchases online or small/large business purchases? If I order $600 from XYZ store online over the course of a year, I am getting a 1099?!? No. *You* will have to 1099 XYZ store. ETA: Beat. Also, I think this is only for business purchases. But there's lots of self-employed working out there. Since I'm a home-based business, I'll need to 1099 the mortgage company, the lawn service company, utilities, roofer and God knows who else. 
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Posted: 5/23/2010 5:06:48 AM EDT
[#7]
Quoted:
Does this include consumer purchases online or small/large business purchases? If I order $600 from XYZ store online over the course of a year, I am getting a 1099?!? as if it isn't already a pain to own a small business or be a contractor..... |
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Posted: 5/23/2010 5:07:02 AM EDT
[#8]
that is the most fucked up thing ive ever heard
 what a cluster fuck.hope we can throw that out,after November.
i see bills being broken down to multiple bills of 500 bucks or less just to circumvent this bullshit. |
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Posted: 5/23/2010 5:07:50 AM EDT
[#9]
They are going to need a lot of new IRS agents to chase down the people that don't know, don't care, or otherwise aren't 1099'ing every damn thing they buy/sell.
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Posted: 5/23/2010 5:08:03 AM EDT
[#10]
Quoted:
Quoted:
Does this include consumer purchases online or small/large business purchases? If I order $600 from XYZ store online over the course of a year, I am getting a 1099?!? as if it isn't already a pain to own a small business or be a contractor..... ...or a citizen.
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Posted: 5/23/2010 5:08:13 AM EDT
[#11]
Quoted:
"Cash only, please." Fine if you're not in business. I have a small machine shop. This is just one more layer of Uncle Sam watching $. Hopefully I will be able to do the 1099s myself. If I have to pay an accountant it will another burden. Of course if you don't use an accountant you will probably be auditted |
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Posted: 5/23/2010 5:09:12 AM EDT
[#12]
Fuck em I wont do it anyway.
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Posted: 5/23/2010 5:10:19 AM EDT
[#13]
Quoted:
"Cash only, please." Try again. When you have a business deduction totaling more than $600 for the year, it will need to be accompanied by the requisite 1099. |
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Posted: 5/23/2010 5:12:38 AM EDT
[#14]
But, at the moment, you don't have to 1099 a corporation or LLC. Is that changing, too? I guess so.
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Posted: 5/23/2010 5:13:53 AM EDT
[#15]
$600? I already have a 1099/Fed tax ID. Does this mean I have to fill out/file a 1099 every time I make a purchase over $600??? Hell,2 tires can go over 600 bux quite easily.
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Posted: 5/23/2010 5:14:04 AM EDT
[#16]
For clarification, does this apply to businesses, or anybody making purchases in excess of $600?
(Note: I am not taking the approach of "I don't own a business so it doesn't affect me." This is wrong in so many ways and must be repealed.) |
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Posted: 5/23/2010 5:15:01 AM EDT
[#17]
fuck obama and he,s corrupt anti-business administration!
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Posted: 5/23/2010 5:15:03 AM EDT
[#18]
Quoted:
"Cash only, please." Won't work for biz-to-biz transactions as the buyer is going to want to deduct the expense no matter the method of payment. No 1099 = No deduction. Literally the only way around it would be to barter services as there's no paper (even fiat paper) involved in the transaction. |
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Posted: 5/23/2010 5:16:25 AM EDT
[#19]
I am going to feel so healthy when I buy something for more than $600.00. I see it already.
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Posted: 5/23/2010 5:17:46 AM EDT
[#20]
Just tell the IRS that you only deal with illegal Mexicans for all your business needs.They will leave you alone regarding 1099's.
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Posted: 5/23/2010 5:20:29 AM EDT
[#21]
Quoted:
Quoted:
"Cash only, please." Try again. When you have a business deduction totaling more than $600 for the year, it will need to be accompanied by the requisite 1099. Yeah. I hadn't caught on to the rest of this turd. I just my wife this (who has a struggling business trying to get off the ground). Un-fucking-real. 
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Posted: 5/23/2010 5:22:06 AM EDT
[#22]
Quoted:
One won't stay in business very long if one doesn't deduct. I imagine,if this is true,that alot of O/O are gonna run the shit outta recap tires.
Quoted:
"Cash only, please." Won't work for biz-to-biz transactions as the buyer is going to want to deduct the expense no matter the method of payment. No 1099 = No deduction. Literally the only way around it would be to barter services as there's no paper (even fiat paper) involved in the transaction. I just spent $652 on a mirror/bracket for the Freightliner. $600 is nothing with these monsters. |
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Posted: 5/23/2010 5:22:24 AM EDT
[#23]
Gonna be a headache for the home business ebay crowd.
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Posted: 5/23/2010 5:23:50 AM EDT
[#24]
Quoted:
http://money.cnn.com/2010/05/21/smallbusiness/1099_deluge/ Starting in 2012, that changes. All business payments or purchases that exceed $600 in a calendar year will need to be accompanied by a 1099 filing. That means obtaining the taxpayer ID number of the individual or corporation you're making the payment to –– even if it's a giant retailer like Staples or Best Buy –– at the time of the transaction, or else facing IRS penalties. Well I know one ass they can kiss.
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Posted: 5/23/2010 5:25:27 AM EDT
[#25]
Fairtax.org
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Posted: 5/23/2010 5:26:11 AM EDT
[#26]
 ETA - Originally Posted By bluedog2: Fairtax.org  |
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Posted: 5/23/2010 5:28:06 AM EDT
[#27]
Quoted:
Quoted:
Quoted:
Does this include consumer purchases online or small/large business purchases? If I order $600 from XYZ store online over the course of a year, I am getting a 1099?!? as if it isn't already a pain to own a small business or be a contractor..... ...or a citizen. 
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Posted: 5/23/2010 5:31:19 AM EDT
[#28]
here's the key paragraph from the article:
The rule comes with a floor to weed out the most casual retailers: The 1099-K is only required when a merchant has at least 200 payment transactions a year totaling more than $20,000. But it applies to all payment processors, including Paypal, Amazon.com, and others that service very small businesses.
i have clients that pay me more than $600 by credit card, but i don't do 200 payment transactions a year. and i'm arguably (haven't seen the definition) not a "merchant". so as a small business owner i won't necessarily have to send the 1099, but my credit card processor will. BTW, dupe. |
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Posted: 5/23/2010 5:32:22 AM EDT
[#29]
Quoted:
Just tell the IRS that you only deal with illegal Mexicans for all your business needs.They will leave you alone regarding 1099's.
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Posted: 5/23/2010 5:35:37 AM EDT
[#30]
Quoted: Quoted: Quoted: Quoted: Does this include consumer purchases online or small/large business purchases? If I order $600 from XYZ store online over the course of a year, I am getting a 1099?!? as if it isn't already a pain to own a small business or be a contractor..... ...or a citizen. yes to all of the above. |
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Posted: 5/23/2010 5:36:45 AM EDT
[#31]
Quoted:
here's the key paragraph from the article: The rule comes with a floor to weed out the most casual retailers: The 1099-K is only required when a merchant has at least 200 payment transactions a year totaling more than $20,000. But it applies to all payment processors, including Paypal, Amazon.com, and others that service very small businesses.
i have clients that pay me more than $600 by credit card, but i don't do 200 payment transactions a year. and i'm arguably (haven't seen the definition) not a "merchant". so as a small business owner i won't necessarily have to send the 1099, but my credit card processor will. BTW, dupe. thats a separate law from the one we're discussing... |
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Posted: 5/23/2010 5:45:47 AM EDT
[#32]
And exactly what LEGITIMATE connection to supposedly providing affordable healthcare coverage to most Americans did they use to justify this - other than the fact that it is in the healthcare bill? Oh - that's right. I remember know. "We have to pass the bill to see what is in the bill." |
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Posted: 5/23/2010 5:49:38 AM EDT
[#33]
I'd have to see how this gets worked into IRS code before I would actually believe that it's going to happen.
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Posted: 5/23/2010 5:50:34 AM EDT
[#34]
Quoted:
here's the key paragraph from the article: The rule comes with a floor to weed out the most casual retailers: The 1099-K is only required when a merchant has at least 200 payment transactions a year totaling more than $20,000. But it applies to all payment processors, including Paypal, Amazon.com, and others that service very small businesses.
i have clients that pay me more than $600 by credit card, but i don't do 200 payment transactions a year. and i'm arguably (haven't seen the definition) not a "merchant". so as a small business owner i won't necessarily have to send the 1099, but my credit card processor will. BTW, dupe. We're talking about the 1099-Misc when we mention the $600 per annum reporting requirements. Not the law covering the 1099-K, which is a little different. |
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Posted: 5/23/2010 5:51:08 AM EDT
[#35]
The gov sees the new 1099-K as a necessary precursor to implementing the VAT, which will be layered upon this 1099-K infrastructure.
The out-of-control growth of, and spending by government will have every tax power going after literally every cent they can coerce. |
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Posted: 5/23/2010 5:53:53 AM EDT
[#36]
Quoted:
The gov sees the new 1099-K as a necessary precursor to implementing the VAT, which will be layered upon this 1099-K infrastructure. The out-of-control growth of, and spending by government will have every tax power going after literally every cent they can coerce. And, of course, our economic downward spiral will continue. But, this is what you get when you vote Marxists into power. |
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Posted: 5/23/2010 5:59:54 AM EDT
[#37]
Quoted:
Quoted:
One won't stay in business very long if one doesn't deduct. I imagine,if this is true,that alot of O/O are gonna run the shit outta recap tires.
Quoted:
"Cash only, please." Won't work for biz-to-biz transactions as the buyer is going to want to deduct the expense no matter the method of payment. No 1099 = No deduction. Literally the only way around it would be to barter services as there's no paper (even fiat paper) involved in the transaction. I just spent $652 on a mirror/bracket for the Freightliner. $600 is nothing with these monsters. yep, as i stated in another thread on this subject this is gonns kill the trucking industry
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Posted: 5/23/2010 6:01:15 AM EDT
[#38]
This country is heading full steam toward the most epic train wreck in history.
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Posted: 5/23/2010 6:05:15 AM EDT
[#39]
Quoted:
here's the key paragraph from the article: The rule comes with a floor to weed out the most casual retailers: The 1099-K is only required when a merchant has at least 200 payment transactions a year totaling more than $20,000. But it applies to all payment processors, including Paypal, Amazon.com, and others that service very small businesses.
i have clients that pay me more than $600 by credit card, but i don't do 200 payment transactions a year. and i'm arguably (haven't seen the definition) not a "merchant". so as a small business owner i won't necessarily have to send the 1099, but my credit card processor will. BTW, dupe. if this is true i will be spared,since i dont do 200 pay tranactions a yaer and there less than 20,000.this is still fucked up tho
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Posted: 5/23/2010 6:05:37 AM EDT
[#40]
Quoted:
that is the most fucked up thing ive ever heard what a cluster fuck.hope we can throw that out,after November.
i see bills being broken down to multiple bills of 500 bucks or less just to circumvent this bullshit. That would be Structuring and it's a felony. Title 31 of the United States Code, section 5324, provides (in part): No person shall, for the purpose of evading the reporting requirements of section 5313 (a) or 5325 or any regulation prescribed under any such section, the reporting or record keeping requirements imposed by any order issued under section 5326, or the record keeping requirements imposed by any regulation prescribed under section 21 of the Federal Deposit Insurance Act or section 123 of Public Law 91–508— [...] (3) structure or assist in structuring, or attempt to structure or assist in structuring, any transaction with one or more domestic financial institutions. |
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Posted: 5/23/2010 6:26:46 AM EDT
[#41]
Quoted:
Quoted:
that is the most fucked up thing ive ever heard what a cluster fuck.hope we can throw that out,after November.
i see bills being broken down to multiple bills of 500 bucks or less just to circumvent this bullshit. That would be Structuring and it's a felony. Title 31 of the United States Code, section 5324, provides (in part): No person shall, for the purpose of evading the reporting requirements of section 5313 (a) or 5325 or any regulation prescribed under any such section, the reporting or record keeping requirements imposed by any order issued under section 5326, or the record keeping requirements imposed by any regulation prescribed under section 21 of the Federal Deposit Insurance Act or section 123 of Public Law 91–508— [...] (3) structure or assist in structuring, or attempt to structure or assist in structuring, any transaction with one or more domestic financial institutions. Land of the (formerly) free... |
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Posted: 5/23/2010 6:29:49 AM EDT
[#42]
And suddenly checks make a big comeback.....
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Posted: 5/23/2010 7:13:42 AM EDT
[#43]
Quoted:
Quoted:
One won't stay in business very long if one doesn't deduct. I imagine,if this is true,that alot of O/O are gonna run the shit outta recap tires.
Quoted:
"Cash only, please." Won't work for biz-to-biz transactions as the buyer is going to want to deduct the expense no matter the method of payment. No 1099 = No deduction. Literally the only way around it would be to barter services as there's no paper (even fiat paper) involved in the transaction. I just spent $652 on a mirror/bracket for the Freightliner. $600 is nothing with these monsters. you're missing the bigger picture DIESEL!!!!!!!!!!!!!!!!!!! and it's $600 for the year, not per purchase. so, you'll have to track where you buy all your fuel and then get a 1099 for any places that go over $600 (not hard to do in a TT) FUCKING UNBELIEVABLY STUPID LAW. Mounds of paperwork, mounds, for nothing. |
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Posted: 5/23/2010 7:21:35 AM EDT
[#44]
on the bright side, it looks like a lot of arfcom vendors are going to benefit by not having to pay the 3% transaction surcharge for Visa and Mastercard when everyone starts sending in money order or checks.
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Posted: 5/23/2010 7:23:14 AM EDT
[#45]
Lets all rush down & vote Democrat in midterm elections ...
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Posted: 5/23/2010 7:30:41 AM EDT
[#46]
Quoted:
Quoted:
Quoted:
One won't stay in business very long if one doesn't deduct. I imagine,if this is true,that alot of O/O are gonna run the shit outta recap tires.
Quoted:
"Cash only, please." Won't work for biz-to-biz transactions as the buyer is going to want to deduct the expense no matter the method of payment. No 1099 = No deduction. Literally the only way around it would be to barter services as there's no paper (even fiat paper) involved in the transaction. I just spent $652 on a mirror/bracket for the Freightliner. $600 is nothing with these monsters. you're missing the bigger picture DIESEL!!!!!!!!!!!!!!!!!!! and it's $600 for the year, not per purchase. so, you'll have to track where you buy all your fuel and then get a 1099 for any places that go over $600 (not hard to do in a TT) FUCKING UNBELIEVABLY STUPID LAW. Mounds of paperwork, mounds, for nothing. Oh,I see the big picture! Goodbye whatever's left of the independent truckstops. And if you want to get the truck worked on,it'll be at Goodyear/Pilot or the stealership. Goodbye to the small shops too,you know,the ones who cut breaks on prices. |
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Posted: 5/23/2010 7:31:47 AM EDT
[#47]
Quoted:
"Cash only, please." Glad I already (mostly) deal only with cash for purchases. |
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Posted: 5/23/2010 7:32:35 AM EDT
[#48]
Quoted:
Depends on how big that vendor is,and where he/she gets his/her merchandise from.
on the bright side, it looks like a lot of arfcom vendors are going to benefit by not having to pay the 3% transaction surcharge for Visa and Mastercard when everyone starts sending in money order or checks. |
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Posted: 5/23/2010 7:41:04 AM EDT
[#49]
Quoted:
And suddenly checks make a big comeback..... And just where do those checks have to go through to get cashed? Same for money orders. Cash? Unless it's to a private sale,it's gonna be on someone's books. |
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Posted: 5/23/2010 7:43:07 AM EDT
[#50]
Thanks, Pelosi, Thanks, Dubya... Thanks, Obama...
The fuckin' train just keeps a rollin'. |
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