Sneak Peek: New 1099 from your friends at the IRS

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Hi Warriors,

A few days ago there was a post about the new IRS rule for 1099 forms. Now you will have to fill out 1099s for anybody, or any company you spend more than $600 at over the course of the year.

Buy an office chair from Wal-Mart for $100 in January? $50 for printer cartridges and $70 for anti-virus software in May? A new mouse for $30 and Dragon Naturally Speaking for $99 in June? Then purchase a new printer for $250 in December?

Then you are only at $599, and do not have to get Wal-Mart's Tax ID. BUT, BUT, BUT...you BETTER start keeping track in January for every single place you spend money for your business, just in case.

Here is a sample of the form from the IRS.

Attachment 4737

This is going to be a lot of fun for everybody in the US.

What irritates me isn't that the IRS is doing this, it's that they HAVE to do it because so many people claim false deductions. This is meant to help close the gap.

My accountant charges $25 to fill out a 1099, I usually have 1 or 2 filled out per year. Now it may be in the dozens. I will basically have to start filling them out myself, not that I can't...

But, notice on the form that it mentions the "Paperwork Reduction Act"!

Ha. Ha. Freaking. Ha.

So, what do you think of the form? Do you think it makes sense? How would you improve it?

All the best,
Michael
#1099 #irs #make #miserable #new 1099 #taxes
  • Profile picture of the author Teutobod
    Sad that a few bad fish make life miserable for everyone. Lucky not to be in the US
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  • Profile picture of the author TLTheLiberator
    I love the new credit card statements.


    TL
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    "It's easier to fool people than to convince them that they have been fooled. -- Mark Twain

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  • Profile picture of the author seasoned
    Michael,

    I have LITERALLY been laughing at that "paperwork reduction act" since the 70s!!!!!! I was a little kid at the time. All the forms had 197_ and I KNEW these were distributed in BULK! I KNEW the companies sent these out to LOTS of people! I KNEW that NONE of the information preprinted on the form should have had to change! YET, in less than a decade, they were PLANNED to be OBSOLETE! They did the same thing in the 80s, and probably later. Oh yeah, did I mention my mother was an accountant, and my father programmed computer systems to do such things, so I actually went into companies, saw all those forms, etc...

    Yeah, the whole thing is GARBAGE! NEXT thing you know, they will want to hook into ALL accounting systems and see everything TO THE PENNY!

    BTW I know one guy that has owned grocery stores, restaurants, bars, and parking lots. He has ADMITTED that he doesn't report a lot of his income, even though he feels "we should all pay our fair share". That guy probably has loans worth more than all income I have ever had in my life! I bet he doesn't pay NEARLY as much tax. And this 1099 ruling will affect him VERY little!

    As for improving it? I already said. SCRAP ALL tax systems EVERYWHERE! NO sales tax, income, social, etc.... From ANY government(city, county, state, or the federal government)! Charge perhaps 10% country sales tax, on non food tangible items, etc... Maybe at the end give rebates for BASIC transportation needs, and a certain level of supplies like office supplies or tools, to CITIZENS!, with the promise that rates won't go up **EVER** and inflation will be held in check, maybe supported by threat of FELONY charges if they reneg. 10% is more than most of the country charges for state sales tax.

    And non citizens should get NO benefits! HEY, europe and mexico do the SAME thing! CANADA probably does the same thing. Switzerland does the same thing! Why are WE the only ones expected to do otherwise?

    Steve
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  • Profile picture of the author HeySal
    I can't even talk about what I think about this crap in here, Michael. Have to? LOL - they don't even HAVE to be here. They weren't until 1917 and we did just fine and dandy without them........*she says as she opens the exit door to the country to let the IRS go straight back where they came from in the first place*
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    Sal
    When the Roads and Paths end, learn to guide yourself through the wilderness
    Beyond the Path

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    • Profile picture of the author seasoned
      Originally Posted by HeySal View Post

      I can't even talk about what I think about this crap in here, Michael. Have to? LOL - they don't even HAVE to be here. They weren't until 1917 and we did just fine and dandy without them........*she says as she opens the exit door to the country to let the IRS go straight back where they came from in the first place*
      You're right about that. I have often said it was illegal. I recently read the WHOLE constitution cover to cover, right down to all amendments, and was shocked to find a section that says otherwise. Which one?????

      Military Section 8, discharge for mental defect or disability.
      HUD Section 8, 80% discount on realestate that is often ued to encourage such garbage....
      Constitution Section 8 basically creates congress. YEECH! It says, in part,...

      The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defence and general Welfare of the United States; but all Duties, Imposts and Excises shall be uniform throughout the United States;
      BTW it says COMMON defence and GENERAL welfare. So they are still taking liberties with the language, etc...

      STILL, WHY do we need taxes? Over 50% of the US is on the government dole, and they get paid an average of twice what others do.

      Steve
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  • Profile picture of the author Floyd Fisher
    Originally Posted by Michael Oksa View Post

    So, what do you think of the form? Do you think it makes sense? How would you improve it?
    For some reason, the only improvements I can think of right off the top of my head go with the words 'lighter' and 'gas can'. I'll let you figure out how I'd use 'em to improve the form.
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