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-   -   Ear marks on obamas health care program (http://www.firearmstalk.com/forums/f97/ear-marks-obamas-health-care-program-40194/)

Sniper03 03-23-2011 04:42 PM

Ear marks on obamas health care program
 
We all better hope the idiots Health Care Program is repealed as far as some of the hidden ear marks! This to support the expense! They certainly do not want mainstream Americans to know about the hidden agenda!
Are you aware that in it is a requirement that anyone who does business with someone that amounts to $600 or more will require by law a Federal 1099 form to be completed and exchanged.
God I hope some or all of this BS goes in the crapper!
Look Out America!!!!!

03

fireguy 03-23-2011 05:52 PM

Not only that, but any purchases or sales of precious metals over $600 has to be reported to IRS. I'm not going to rent my rental house this year because I don't want to mess with the reporting requirements. Gas bill, 1099.
Sewer fee, 1099, insurance, 1099, repairs over $600, 1099. Freedom is gone.

Bigcountry02 03-23-2011 05:53 PM

This is going to get very interesting this year.

My neighbor rents his house out, unable to sell and they only break even to pay the mortgage and take it in the shorts on the property taxes only for that house!

IRS tax forms - Wikipedia, the free encyclopedia

Examples of reportable transactions are amounts paid to independent contractors (in IRS terminology, such payments are nonemployee compensation). The ubiquity of the form has also led to use of the phrase "1099" to refer to contractors themselves. U.S. tax law requires businesses to submit a Form 1099 for every contractor paid at least $600 for services during a year. Although, this requirement usually does not apply to corporations receiving payments, amendments made by the Patient Protection and Affordable Care Act would remove this exemption beginning in 2012. In 2011 the requirement has been extended by the Small Business Jobs Act of 2010 to payments made by persons who receive income from rental property.

Many businesses and organizations must file thousands of 1099s per year. The complexity that arises in filing large volumes of information returns requires many filers to depend on third party information reporting software.

Payers who file 250 or more Form 1099 reports must file all of them electronically with the IRS. The 250 or more requirement applies separately for each type of return and separately for each type of corrected return. Even though filers may submit 249 information returns on paper, the IRS encourages filers to transmit returns electronically.

If the fewer than 250 requirement is met, and paper copies are filed, the IRS also requires the payer to submit a copy of form 1096, which is a summary of information forms being sent to the IRS. You need one 1096 for each type of information form you have issued.

For further information refer to Publication 1220, Specifications for Filing Forms 1098, 1099, 5498 and W-2G Electronically or Publication 1187, Specifications for Filing Form 1042-S, Foreign Person's U.S. Source Income Subject to Withholding. Since December 1, 2008, electronic filing is the ONLY acceptable method to file information returns to the IRS at its computing center in Kearneysville, West Virginia. The IRS no longer accepts 3-inch diskettes or tape cartridges for filing information returns. One can upload 1099returns to the IRS using their FIRE (Filing Information Returns Electronically) web site at fire.irs.gov. Form 1099 is also used to report interest (1099-INT), dividends (1099-DIV), sales proceeds (1099-B) and some kinds of miscellaneous income (1099-MISC). Blank Form 1099s and the related instructions to the forms can be downloaded from the IRS website.

Payees use the information provided on the 1099 forms to help them complete their own tax returns. To save paper, payers can give payees one single Combined Form 1099 that lists all of their 1099 transactions for the entire year. Taxpayers are usually not required to attach Form 1099s to their own Federal income tax returns unless the Form 1099 includes a report for Federal income tax withheld by the payer from the related payments.

Definition of "Independent Contractor" "An independent contractor is a natural person, business, or corporation that provides goods or services to another entity under terms specified in a contract or within a verbal agreement. Unlike an employee, an independent contractor does not work regularly for an employer but works as and when required, during which time he or she may be subject to the Law of Agency. Independent contractors are usually paid on a freelance basis. Contractors often work through a limited company, which they themselves own, or may work through an umbrella company.

In the United States, any company or organization engaged in a trade or business that pays more than $600 to an independent contractor in one year is required to report this to the Internal Revenue Service (IRS) as well as to the contractor, using Form 1099-MISC. This form is merely a report of monies paid; independent contractors do not have income taxes withheld from their pay as regular employees do."

dunerunner 03-23-2011 07:49 PM

So will I have to report that Backstrap and Beer I traded my buddy, who is a framer; to box in my new brew shed in the back yard?

This is starting to effing piss me off!! :mad:

Yunus 03-23-2011 09:08 PM

Quote:

Originally Posted by dunerunner (Post 471112)
So will I have to report that Backstrap and Beer I traded my buddy, who is a framer; to box in my new brew shed in the back yard?

This is starting to effing piss me off!! :mad:

Don't report the beer. You gave him that for free not in trade. Else you violated other tax laws.

But as to the rental income and 1099's, it's not the health care act that caused it, it's the "Small Business Jobs Act of 2010" that made that happen. The health care act is making 1099's required for payments made to corporations which under the old law were exempt. But both dems and repubs have put forth laws that would exempt people who rent one home from these requirements.

/As someone who rents a home out, I looked into this pretty extensively. I'm not really worried, it will be more paperwork but not by a huge amount. One 1099 to my renters and if I have to do any major repairs over $600 than another but in a given year that's actually uncommon.

pandamonium 03-23-2011 09:23 PM

Should we just start trading services instead of paying in cash? Then there would nothing to declare...

orangello 03-23-2011 09:28 PM

Quote:

Originally Posted by pandamonium (Post 471192)
Should we just start trading services instead of paying in cash? Then there would nothing to declare...

Incorrect, that would be "barter" and taxable. By the burls, man, that's where they got ya. http://www.irs.gov/businesses/small/article/0,,id=188094,00.html You would need a 1099-B.



Otherwise, our legislators might not recognize any income for the screwing they give us. ;)

Sniper03 03-23-2011 09:44 PM

All I will say at this point. Is I think the American citizens are almost to the point of telling them to go FO! I sure hope the repeal the majority of the stupid bill. You can bet it is part of their progressive socialist agenda!


03

dunerunner 03-23-2011 10:25 PM

When I originally read the title of this thread, I thought maybe Obamaganda had started imprinting laws with the side of his head, rather than using a pen! :D

Yunus 03-23-2011 11:22 PM

Quote:

Originally Posted by dunerunner (Post 471224)
When I originally read the title of this thread, I thought maybe Obamaganda had started imprinting laws with the side of his head, rather than using a pen! :D

LOL! It took me a second to get it but I really did laugh out loud at that one.


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