Senate Rejects 1099 Ammendment

[Full Throttle]

Read this in an article, this is crazy stuff man....idiots

Flaws in healthcare law coming to light (Rep. Cliff Stearns) - The Hill's Congress Blog

Another problem with the Democrat healthcare plan is it will require all those with business-to-business transactions over $600 annually to file a 1099 IRS Form. This is a massive burden for small businesses and will force millions of them to track all their expenditures by vendors and require small businesses to obtain taxpayer information numbers from everyone they do business with.
So, has Congress tried to fix this problem? No. In fact, Democrats have taken it a step further. The recently passed Small Business Jobs Act (HR 5297) included a provision that would expand the 1099 reporting requirement even further to include expenditures on rental property. This means that if you spend more than $600 over the course of a year with a handyman for repairs or improvements, you'll need to file a 1099 Form.
Imagine: if you work as a general contractor and regularly buy building material from a hardware store, you'll need to issue the store a 1099 Form. If you are a trucker and regularly buy gasoline from the same gas station, you'll need to issue that gas station a 1099 Form.

It's been argued this will hurt many smaller businesses. Instead of shopping with a small outfit in town or online and having to file a 1099, many businesses with stay with large name brand stores to limit their paperwork.

 

[Yagents]

Hello legislators, Santa called, he says it's ok to work overtime during the holiday. If Bernie Sanders didn't filibuster for 8 hrs, you might have found time to work this out.

CQ Today (12/14, Ethridge, subscription required) reports, "Although both Democrats and Republicans have pledged to repeal an unpopular tax-reporting requirement in the health care overhaul, members acknowledge they have run out of time to reach an agreement this year." Still, "lawmakers on both sides say they will return to efforts to abolish the requirement soon after Congress reconvenes next month." The lawmakers proposed "amendments in November to repeal the provision, which requires businesses to file a 1099 form with the IRS for every vendor they pay more than $600 to in a year."