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Big brother at it again, IRS , your debit cards & credit card purchases..
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Big brother at it again, IRS , your debit cards & credit card purchases..
[link to money.cnn.com]
IRS starts mopping up Congress's tax-reporting mess
The new regulations, which kick in at the start of 2012 , …..
In a late May speech before the two payroll industry trade group, IRS Commissioner Douglas Shulman announced a major exception to the new rules:
The IRS plans to exempt transactions made through credit and debit cards from being reported on 1099.
A separate reporting requirement kicks in next year that will cover card transactions and help the IRS spot unreported payments made through those channels, "so there is no need for businesses to report them as well,
" Shulman said. "Whenever a business uses a credit or debit card, there will be no new burden under the new law."
Law further stifles business..
Henschke foresees another unintended consequence of the new reporting provisions: that in order to cut down on tax forms to be filed, businesses will trim the number of vendors they do business with. "I've actually heard businesses talking about consolidating their purchases, going from 150, 200 vendors, down to less than 100," he said. "That will most certainly lead to some small businesses being swept under the door."
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