FWIW; what is referred to here is that according to an article
of obamacare legislation (and this has been in the press and
is supposed to be addressed in legislation this spring), is that
ALL transactions (purchases or sales) between individuals and/or
business that meet or exceed the $600 threshold must provide a
'1099' at year end. this article of law supersedes all other
existing laws regarding transactions between businesses and/or
individuals. mandate effective 1/1/12 if this section not
repealed. for more info just google obamacare $600.
example: you pay $600 to your lawn guy, he has to give you a
1099. snow removal exceeds $600, he has to give you a 1099.
etc.
and wait to you see what else got snuck in there in the middle
of the nite
Posted by lessarda on 26th of Jan 2011 at 12:05 am
1099's work the other way around: you the buyer of services
issue the 1099 to your contractors. You pay and you get to do the
paperwork -- but you also get to deduct against income for
business-related services.
$600 transaction reporting
Physical Silver
Posted by hazbin1 on 25th of Jan 2011 at 09:10 pm
FWIW; what is referred to here is that according to an article of obamacare legislation (and this has been in the press and is supposed to be addressed in legislation this spring), is that ALL transactions (purchases or sales) between individuals and/or business that meet or exceed the $600 threshold must provide a '1099' at year end. this article of law supersedes all other existing laws regarding transactions between businesses and/or individuals. mandate effective 1/1/12 if this section not repealed. for more info just google obamacare $600.
example: you pay $600 to your lawn guy, he has to give you a 1099. snow removal exceeds $600, he has to give you a 1099. etc.
and wait to you see what else got snuck in there in the middle of the nite
Quick clarification on 1099s
Posted by lessarda on 26th of Jan 2011 at 12:05 am
1099's work the other way around: you the buyer of services issue the 1099 to your contractors. You pay and you get to do the paperwork -- but you also get to deduct against income for business-related services.
Hazbin and Obamacare
Posted by zach06 on 25th of Jan 2011 at 09:13 pm
There is also a transaction tax on homes in Obamacare. Dec 24, 2010 , The passage of Obamacare will live in infamy.