O.O -- Stealth IRS adds & changes millions of new tax forms

[bchavez]

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."

WTF????????????????????

[Philhelm]

If I understand the legislation well, then this will be devastating on businesses, small and large. Just imagine the sheer number of 1099's that large businesses will need to complete. All of the comments on the website you have provided are against this. One person even stated that he was abandoning the Democratic party because of this. Hopefully more people wake up to our evil government.

Edit: Other observations had determined that this may be laying out the groundwork for the VAT...

[Warrior_of_Freedom]

I love it when they word shit like this

The goal of the new regulations is to catch income that is going unreported to the IRS. The federal government loses an estimated $300 billion each year from the "tax gap" between what individuals and businesses owe and what they actually pay.
They don't lose anything. Their whole purpose is to take steal people's money.

[angelatc]

If I understand the legislation well, then this will be devastating on businesses, small and large. Just imagine the sheer number of 1099's that large businesses will need to complete. \

Of course the GOP will overturn this legislation as soon as they regain control, right? /snark

In Japan, it is now illegal to make a transaction of more than $600 non-electronically.

The biggest chore IMHO - getting the FEIN numbers of existing vendors.


But the 1099 thing isn't a huge deal. Just one more task for the computer to handle. There's a buck to be made putting together a database of retailers and their FEIN numbers though.

[Peace&Freedom]

As Gary North has suggested, everyone filing the forms should do so on paper, to smother the tax thieves with millions of pages of hand written data that they have to manually scan or key into their system. For every dollar received by IRS, it costs $2 to administer it. This nonsense will only add to the overhead. And that's not even counting the jurisdiction issue---it procedurally presumes everyone is subject to making these filings, whether they are or not.

The changes try to make everybody a $600 unpaid government informant. For those out of work who want to earn say $40,000 without these hassles, you could become a freelancer or handyman, and take 7 jobs a month with different parties, each under $500 total. You receive all the earnings, and none of them have to send out a snitch form.

[RCA]

We knew this 2 years ago.

[angelatc]

The changes try to make everybody a $600 unpaid government informant. For those out of work who want to earn say $40,000 without these hassles, you could become a freelancer or handyman, and take 7 jobs a month with different parties, each under $500 total. You receive all the earnings, and none of them have to send out a snitch form.

The $600 dollar rule already applied to freelancers and handymen. That hasn't changed.