1099 Form filing requirement is nightmare for small corporations
Imagine you own a small incorporated business, perhaps a landscaping business and you rent a de-thatcher for a couple of days, or perhaps it’s a donut shop and you have a new sign painted for the front door. The Obamacare law requires you to prepare and issue 1099 Tax Reporting forms reporting to the IRS that the rental agency and the sign painter received money from you. In fact you must report to the IRS anyone who received 600 dollars or more from you during the year.
It is preposterous! It so onerous it would be nearly impossible to comply with it. In fact, there is no way it will be complied with. This provision must be repealed. Republicans insist and Democrats acknowledge it cannot stand. Republicans say repeal it. Democrats insist on replacing it. Stalemate. The Democrats don’t want simply to repeal it because it was designed to raise 19 billion in new income taxes.
The Dems were right, we would never have known what is in the Obamacare bill if it had not become law.
Informative suggestions ! I learned a lot from the information ! Does someone know where my business would be able to find a template IRS 1099-PATR copy to work with ?
i totally agree with the idea that such form-fillings should be repealed!! thumbs-up to the post….