Richard, and all U.S.A. listoids,
That provision is buried somewhere in the 2000+ pages of our wonderful new
health care law. You know, the one they had to pass so we could find out
what's in it. The 16,000 new IRS agents will be charged with enforcing it.
That provision isn't scheduled to go into effect until 2012. I think I'll
bite my tongue now, but you can learn more here...
Linton
http://money.cnn.com/2010/05/05/smallbusiness/1099_health_care_tax_change/
http://www.nytimes.com/2010/09/12/health/policy/12health.html?_r=1
----- Original Message -----
From: "Richard Montgomery" <rickm...@earthlink.net>
To: "'Meteorite-list List'" <meteorite-list@meteoritecentral.com>
Sent: Friday, January 14, 2011 5:15 PM
Subject: [meteorite-list] 1099s coming?
Hello List...
Potential legislation mandating the issuance of 1099s to all documented
transactions, and obviously those tied with a digital/cyber signature, has
promted me to write this. I don't know the bill's name, but we've all
heard about it, and the implications. From what I understand,
transactions between any and all entities that exceed $600/year and/or
each transaction will mandate the generation of the issuance of a 1099 to
all parties.
I woke up to this fact when I heard that eBay will potentially be issuing
mandated tax-consequence 1099s to all who participate at that level. I
can't imagine the nightmare logistics, but can certainly imagine the
impact of on-line transactions if this legislation is actually passed.
It stands to reason that all cyber transactions will be subject to this
imposition, including private trades and sales though this very List.
So, naturally, I'm putting the subject to us all to consider. I hope to
get some input, positive and/or negative, to whether my issues are valid.
So, please chime in. Fortunately, through this List I've made some
contact with people I trust, although haven't yet met.
Please advise...
-Richard Montgomery
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