Personally this sounds like a way to INCREASE credit card debt in America. May this is an underhanded way to bail out the banks, yet once again.
R On Wed, Sep 15, 2010 at 8:16 AM, Diana Bonn <[email protected]> wrote: > I know this is boring to some, but you have to realize that this impacts > the way you file your taxes (write offs/deductions) next year for your nail > biz. So if you know what is going to happen, you can simply change your > buying habits to save you alot of grief and bull crap when you do your 2011 > taxes, > > As I stated before, this new tax requirement concerns our PURCHASES of > products, services goods for your business. If you purchase more than > $600.00 per company, you have to file a 1099 form and give it to this > company. Example, you purchase all year long 600.00 worth of office > supplies at Staples, your receipts add up to 600.00, you have to contact > staples, get their Federal ID number, and GIVE THEM a 1099 form. > > How you can avoid this new tax requirement is either pay by credit/debit > card.....you DO NOT have to file a 1099 form if you pay by credit/debit > card. > If you pay by cash/check you have to file the 1099 form. > If you don't want to file a 1099 form and your receipts total up to 600.00 > or more, YOU CAN'T write it off as a deduction. > > Anyway, below is a post I received about the Senate trying to block this. > It failed. A couple of Senators even tried to make the filing of 25 or > more employees and even up the 600.00 to 5,000.00 dollars. It didn't work. > This is all part of the Obama Health Care package. > > As I hear more I will let you know. This all just happened and I can't > find anything in the news as of right now. I don't know if this will be > repealed or not. If the Fall elections change in the House and Senate, > don't know if this will get changed. > > I just wanted you to realize that starting in January 2011 you may want to > take advantage of anything you pay with cash/check and expect to spend more > thatn $600.00 at one location, you may want to change to credit/debit card > to save you the headache of filing 1099 forms. diana from indiana > > > > > > By Alexander Bolton - 09/14/10 12:47 PM ET > The Senate on Tuesday defeated an effort to strip a controversial > tax-reporting provision from the sweeping healthcare law Congress passed > earlier this year. > > In a 46-52 vote, lawmakers killed an amendment sponsored by Sen. Mike > Johanns (R-Neb.) that would have saved businesses and nonprofit groups from > having to report an array of small and medium-sized purchases to the > Internal Revenue Service. > > A handful of Democrats voted for the Johanns proposal, including Sens. > Evan Bayh (Ind.), Michael Bennet (Colo.), Blanche Lincoln (Ark.), Ben Nelson > (Neb.), Mark Pryor (Ark.), Mark Warner (Va.), and Jim Webb (Va.). > > The vote puts the Senate on track to pass small-business assistance > legislation this week or early next week. > > The U.S. Chamber of Commerce and other business groups had lobbied > furiously in favor of the Johanns amendment. Business groups argue the new > requirements impose a heavy cost on small businesses and will harm the > economy. > > The provision, which is estimated to raise $17 billion over 10 years to > pay for a new prevention and public healthcare fund, requires businesses and > other groups to file 1099 tax forms to report purchases from a single > supplier that total more than $600 in a year. > > PLEASE NOTE: That's a 1099 for each and every time a $600 purchase or > service is transacted. It's going to add to the cost of whatever service or > product the purchaser does. > > An alternative to Johann's amendment sponsored by Sen. Bill Nelson > (D-Fla.) also fell short of passage. Nelson's proposal would have increased > the reporting threshold to $5,000 and eliminated the requirement for > businesses with fewer than 25 employees. > > Nelson's amendment failed by a vote of 56 to 42, four votes short of the 60 > needed to cut off debate and move to a final vote. > > Republicans expressed concerns over the Nelson alternative because it would > have been paid for by repealing a tax break for large oil-and-gas producers. > > Senate Republicans said they were not surprised the Johanns amendment did > not attract more votes, citing staunch opposition from President Obama. > > "The White House does not want to set the precedent of rewriting the > healthcare bill," said a GOP aide. "They don't want to admit they made any > mistakes in the bill before the election." > > Democratic leaders scheduled the vote on the Johanns amendment to secure > the support of Sen. George Voinovich (R-Ohio) to advance the small-business > bill. Voinovich had demanded consideration of the small-business reporting > provision before agreeing to a final vote on the broader bill. > > The legislation would provide $12 billion in tax cuts to small businesses > and set up a $30 billion Small Business Lending Fund. It would allow > businesses to write off up to $500,000 in capital investments and 50 percent > of the cost of new equipment. It would also increase to $10,000 the tax > deduction for small business start-ups. > > Julian Pecquet contributed to this story. > > This story was posted at 11:59 a.m. and updated at 12:47 p.m. > > > -- > You received this message because you are subscribed to the Google Groups > "NailTech" group. > To post to this group, send email to [email protected]. > To unsubscribe from this group, send email to > [email protected]<nailtech%[email protected]> > . > For more options, visit this group at > http://groups.google.com/group/nailtech?hl=en. > > -- You received this message because you are subscribed to the Google Groups "NailTech" group. To post to this group, send email to [email protected]. To unsubscribe from this group, send email to [email protected]. For more options, visit this group at http://groups.google.com/group/nailtech?hl=en.
