[peacekeeperapiaries]

Wow that will be a nightmare, my list of individuals and corporations will be pretty darn long. I guess thata why they added another 16,000 IRS agents within this bill, to track all the 1099's. :scratch:

 

[dcross]

What's the current policy?

 

[Barry Digman]

The is is a pretty good outline of the current guidelines.

http://www.ehow.com/about_5315547_required-send-forms.html


Imagine having to collect the information from the vendors and then issuing 1099's for everyone to whom you paid $600 or more. Utilities, internet connections, insurance, woodenware, packages, nucs, queens, fuel, feed, meds, mechanics, ..... it's nuts.

 

[sdracer12]

There must be some exemptions? I drive truck over the road, and with $3.10 a gallon fuel, that would mean I need a 1099 for every gas station and truck stop I fill up at! unbelievable regulations.....

 

[Barry Digman]

There must be some exemptions? I drive truck over the road, and with $3.10 a gallon fuel, that would mean I need a 1099 for every gas station and truck stop I fill up at! unbelievable regulations.....

As I understand it if you are operating as a business you will be required to report those purchases if they're over $600. I'm interpreting this based on this comment on an accounting site :

“There is no doubt this will be an administrative nightmare for many businesses in the first year or two,” Jamie Downey, partner at Downey & Co. said in The Boston Globe. “Have a large business-related meal at a restaurant, this will need to be reported on a 1099. Spend a week in a hotel in Waco, Texas; you will need to send a 1099.”

http://www.accountingweb.com/topic/tax/costly-changes-1099-reporting-health-care-bill

I spent many years as an accountant. The implications for this are pretty onerous. Folks who don't operate a business probably don't realize how costly it is to push paper that generates absolutely zero return.

 

[berkshire bee]

What would even be the reason for passing a bill like that? A one hundred unit vacation spot in, say, Florida would recieve Approximately 5000 1099s just from the people who stayed there.

 

[jeff123fish]

What would even be the reason for passing a bill like that? A one hundred unit vacation spot in, say, Florida would recieve Approximately 5000 1099s just from the people who stayed there.

Or what about big box stores like Home depot Lowes or even walmart