That came to the attention of the list several months ago. What's come out since then, is that the IRS itself hasn't the capacity to even deal with the 1099's, nor have they the automated capacity to do what Congress intended they use them for. Nor has Congress provided the means of funding the changes necessary to do so.
The IRS is attempting to thin the number of 1099's by administrative relief, by saying that all credit card and debit card transactions, for instance, are going to be exempt. However, that's not set in stone, because it is actually re-writing what Congress clearly intended in the bill. I believe there's some Republican congresscritters who are seeking to repeal this, specifically, but right now, I'm not in possession of that factually, I don't know the names. This rule was imposed by "Obamacare", and was written into "health care reform". There's a very sizeable number of states and other individuals, as well as class action lawsuits (of which I am a member of one) who is suing Congress over a number of provisions in the bill. Overlooked by the writers, was the need to write severability into the bill, so if any portion or part or segment or function of it is found illegal or unenforceable or unconstitutional by the courts, the whole will be nullified. So, while yeah, this looks like a big deal for some, it may, if the lawsuits win, turn out to be nothing, and a lot of our headaches can or will be dispatched in court. ++++++++++++++++++++++++++++++ Neofast, Inc, Making internet easy 541-969-8200 509-386-4589 ++++++++++++++++++++++++++++++ -------------------------------------------------- From: "Matt" <lm7...@gmail.com> Sent: Wednesday, August 04, 2010 7:16 AM To: <motor...@afmug.com>; "WISPA General List" <wireless@wispa.org> Subject: [WISPA] OT: New Tax Recordkeeping Rules Will Cost Small Businesses > http://www.toolkit.com/news/newsDetail.aspx?nid=10-161Form1099 > > > -------------------------------------------------------------------------------- > WISPA Wants You! Join today! > http://signup.wispa.org/ > -------------------------------------------------------------------------------- > > WISPA Wireless List: wireless@wispa.org > > Subscribe/Unsubscribe: > http://lists.wispa.org/mailman/listinfo/wireless > > Archives: http://lists.wispa.org/pipermail/wireless/ -------------------------------------------------------------------------------- WISPA Wants You! Join today! http://signup.wispa.org/ -------------------------------------------------------------------------------- WISPA Wireless List: wireless@wispa.org Subscribe/Unsubscribe: http://lists.wispa.org/mailman/listinfo/wireless Archives: http://lists.wispa.org/pipermail/wireless/
