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Big brother at it again, IRS , your debit cards & credit card purchases..

 
We " The Screwed"
User ID: 792302
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07/12/2010 03:51 PM
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Big brother at it again, IRS , your debit cards & credit card purchases..
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."
Anonymous Coward
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07/12/2010 03:52 PM
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Re: Big brother at it again, IRS , your debit cards & credit card purchases..
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Anonymous Coward (OP)
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07/12/2010 03:55 PM
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Re: Big brother at it again, IRS , your debit cards & credit card purchases..
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 Quoting: Anonymous Coward 1033771

are you crazy, can't you see what is going on..

Say I am a small business, a painter. I must 1099 Sherwin Williams paint store for paint.. Wal-mart for brooms, mops, pails, paper products , etc..
1099 all transactions over $ 600.00

you don't see a problem ?? We will be more likely to cut out MANY vendors rather than have to 1099 them.. YES MORE JOB LOSS

how is that :bs:
Vision Thing

User ID: 1021988
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07/12/2010 04:03 PM

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Re: Big brother at it again, IRS , your debit cards & credit card purchases..
I know you were trying to copy less of the article to the forum, but you didn't copy enough to give any background to the part you excerpted.

I had forgotten about these new regulations, we discussed them briefly here and then they haven't gotten a lot of press since then.

Here's the first part of the article which adds some necessary information to the thread:

NEW YORK (CNNMoney.com) -- With a new mandate looming that will require business owners to file millions more tax forms, the Internal Revenue Service has begun the daunting process of figuring out how to turn the law's sweeping demands into actual rules for taxpayers.

The new regulations, which kick in at the start of 2012, require any taxpayer with business income to issue 1099 forms to all vendors from whom they purchased more than $600 of goods and services that year.
That promises to launch a fusillade of new paperwork: An estimated 40 million taxpayers will be subject to the requirement, including 26 million who run sole proprietorships, according to a report released this week by National Taxpayer Advocate Nina Olson.

Olson's office, which operates independently within the IRS, flagged the new reporting requirements as one of its priority issues for the next year. Like many who have delved into the details of the new rules, Olson is concerned about their far-reaching scope and potential unintended consequences.

"The new reporting burden, particularly as it falls on small businesses, may turn out to be disproportionate as compared with any resulting improvement in tax compliance," the Taxpayer Advocate Service wrote in a report released this week.

The new rules are aimed at reducing the "tax gap" between what individuals and businesses owe and what they actually pay. The federal government misses out on estimated $300 billion each year from tax underpayment. The expanded reporting requirements, which Congress slipped into the landmark health care reform bill passed in March, are an attempt to create a paper trail of 1099s exposing business-to-business payments that might otherwise stay off the radar.

But the cost of that paper trail could swamp the small companies, sole proprietors freelancers forced to generate it. Pennsylvania business networking organization SMC Business Councils surveyed its members and found that they currently average 10 filings a year of 1099 forms. The new rules would push that average to more than 200 filings per year for a typical small business, the industry group estimates.
"
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Vision Thing

User ID: 1021988
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07/12/2010 04:06 PM

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Re: Big brother at it again, IRS , your debit cards & credit card purchases..
Say I am a small business, a painter. I must 1099 Sherwin Williams paint store for paint.. Wal-mart for brooms, mops, pails, paper products , etc..
1099 all transactions over $ 600.00

you don't see a problem ?? We will be more likely to cut out MANY vendors rather than have to 1099 them.. YES MORE JOB LOSS


 Quoting: Anonymous Coward 792302

What if it has the opposite effect on small businesses, what if they try to spread their purchases among many vendors so that hardly any go over $595.00 for the year?
"
Within you is a limitless, unborn potential of creativity and substance... (T)he tragedy can become a blessing, the disadvantage can become an advantage, the failure can become an opportunity and the disappointment can become God's appointment."

- Eric Butterworth
Anonymous Coward (OP)
User ID: 792302
United States
07/12/2010 04:07 PM
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Re: Big brother at it again, IRS , your debit cards & credit card purchases..
I know you were trying to copy less of the article to the forum, but you didn't copy enough to give any background to the part you excerpted.

I had forgotten about these new regulations, we discussed them briefly here and then they haven't gotten a lot of press since then.

Here's the first part of the article which adds some necessary information to the thread:

NEW YORK (CNNMoney.com) -- With a new mandate looming that will require business owners to file millions more tax forms, the Internal Revenue Service has begun the daunting process of figuring out how to turn the law's sweeping demands into actual rules for taxpayers.

The new regulations, which kick in at the start of 2012, require any taxpayer with business income to issue 1099 forms to all vendors from whom they purchased more than $600 of goods and services that year.
That promises to launch a fusillade of new paperwork: An estimated 40 million taxpayers will be subject to the requirement, including 26 million who run sole proprietorships, according to a report released this week by National Taxpayer Advocate Nina Olson.

Olson's office, which operates independently within the IRS, flagged the new reporting requirements as one of its priority issues for the next year. Like many who have delved into the details of the new rules, Olson is concerned about their far-reaching scope and potential unintended consequences.

"The new reporting burden, particularly as it falls on small businesses, may turn out to be disproportionate as compared with any resulting improvement in tax compliance," the Taxpayer Advocate Service wrote in a report released this week.

The new rules are aimed at reducing the "tax gap" between what individuals and businesses owe and what they actually pay. The federal government misses out on estimated $300 billion each year from tax underpayment. The expanded reporting requirements, which Congress slipped into the landmark health care reform bill passed in March, are an attempt to create a paper trail of 1099s exposing business-to-business payments that might otherwise stay off the radar.

But the cost of that paper trail could swamp the small companies, sole proprietors freelancers forced to generate it. Pennsylvania business networking organization SMC Business Councils surveyed its members and found that they currently average 10 filings a year of 1099 forms. The new rules would push that average to more than 200 filings per year for a typical small business, the industry group estimates.
 Quoting: Vision Thing

thanks Vision for clearing that up. Am I wrong to think that this new law will result in the loss of many , I mean many jobs throughout the USA ??
Anonymous Coward (OP)
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07/12/2010 04:09 PM
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Re: Big brother at it again, IRS , your debit cards & credit card purchases..
Say I am a small business, a painter. I must 1099 Sherwin Williams paint store for paint.. Wal-mart for brooms, mops, pails, paper products , etc..
1099 all transactions over $ 600.00

you don't see a problem ?? We will be more likely to cut out MANY vendors rather than have to 1099 them.. YES MORE JOB LOSS



What if it has the opposite effect on small businesses, what if they try to spread their purchases among many vendors so that hardly any go over $595.00 for the year?
 Quoting: Vision Thing

that is an idea , however say I am a painter, the paint for one job alone would be over $600.00 per my experience..

I don't mean to sound like a NAY SAYER but...

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