Better Get Your TAX Money Together!!! Must Read!! Anything Over $600 Will Be Reported!!!
 

Partisanship is already dominating the final work week in the Senate. While both Republicans and Democrats agree that a new tax reporting requirement in the health care law should be scaled back, each party defeated the other side?s proposal to accomplish that goal.

Senators just voted 46-52 against an amendment by Sen. Mike Johanns, R-Neb. that would have stripped out the provision, which requires businesses to report to the IRS transactions to anyone or any company that cost more than $600.(This includes self-employed so you know)

The Senate then defeated a similar amendment by Sen. Bill Nelson, D-Fla. Nelson?s measure, which went down in a 61-37 vote, would have raised the reporting requirement to $5,000 and excluded businesses with fewer than 25 employees.

Seven Democrats voted for the Johanns proposal, which most Democrats and the Obama administration said went too far in rolling back a health care provision that was expected to raise about $17 billion to help pay for an expansion in health care coverage. Republicans for the most part refused to back the Democratic bill because they didn?t think it went far enough and did not like that it would be paid for with a $15 billion tax on oil companies.

The amendments were part of a small business tax bill the Senate is expected to vote on in the coming days. Unless the two parties can agree on a compromise, the tax reporting requirement that nobody seems to like is going to remain in the bill. The reporting requirements are set to begin in 2012.

IRS Form 1099-K

IRS Form 1099-K ensures that small business owners who don't declare all of the revenues they receive via credit cards, debit cards, gift cards and services like Paypal will no longer be able to hide those revenues from the IRS.

In the years to come, IRS scrutiny will be more intense for small businesses and entrepreneurs that accept credit cards, debit cards, gift cards, Paypal or similar electronic payments.
(article continues below)

Historically, the revenues that small businesses receive through these payment processors have not been readily visible to the IRS.

That's going to change starting in 2011.

Starting in 2011, the gross amount of payment card and third-party network transactions will be recorded on a new IRS form, form 1099-K.

In rolling out the new 1099-K form, the IRS is attempting to improve voluntary tax compliance by business taxpayers.

Currently, the tax system is more of an honor system than most might like to admit. Without visibility into a small business' credit card revenues, the IRS must take the business owners word that they are reporting all taxable revenues.

In lieu of the IRS having access to information about credit card revenues and other electronic payment processing revenues, the IRS only has one tool to combat tax cheats who underreport revenues: an IRS audit. However, this is not a foolproof system because it requires scarce human resources to conduct a thorough IRS audit.

"Time and time again, we have seen that better information reporting helps the tax system work better by ensuring that everyone pays what they owe," said IRS Commissioner Doug Shulman.

On the IRS website, you can view a draft version of new Form 1099K, Merchant Card and Third-Party Payments, which will be used to make these reports.

So the proposed reporting requirements would start when, 2011 or 2012? The article says 2012 then later says 2011.

"41 Obama White House aides owe the IRS $831,000 in back taxes -- and they're not alone."

http://latimesblogs.latimes.com/wash...taxes-irs.html

I think they start keeping track in 2011 but you will first have to pay in 2012

So fucking retarded. We are going into a depression (if we are not there already) and they want to make life more difficult for businesses. Brilliant...

Am I the only one that thought it has been this way for a while? I always thought if you made more than $600 from any one source you had to claim it.

Maybe before it was kind of a guideline and now it will be a hard and fast rule.

You had to claim it. But now you have to send 1099 to VENDORS. So handymen companies need to send 1099 to Home Depot if they buy a washer or dryer. Or if they go to the same gas station every time, they need to send a 1099 to that gas station, or if they buy a computer from Best Buy they need to send a 1099 to them and so on.

If this isnt job killing I dont know what is. But hey it will lower my health care costs right? :Oh crap

http://www.foxbusiness.com/personal-...th-care-costs/

I have a feeling this is a first step towards a federal VAT tax in America.

So basically the small business lover republicans aren't going to do anything to stop this? How much do you want to bet if it goes through, they blame Obama for it?

It's amazing honestly....

This government can't seem to get anything of substance handled... the war(s), healthcare, social security, the economy among countless other things. But when it comes to adding more taxes, regulating tax collection, or things of that nature. Oh hell, they can sit around passing new bullshit all day long.

The government in this country no longer works, and simply needs to be scrapped. It's sole purpose anymore seems to be to fund the military industrial complex, pass new taxes, and enforce new taxes to run the police state to pass new taxes, and enforce new taxes.

It somewhere has lost it's way to truly govern.
:disgust

It has already gone through :1orglaugh:1orglaugh:1orglaugh It was in the health care bill! So YES it is Obama's fault.

Poor Americans... your government needs more money for its wars.

for paypal I just dump it to a .csv at the end of the year how hard is that?!

So you got a W9 from all those people? Now think of all the 1099s somewhere like Home Depot will get.

dear idiot. The provision is in your beloved "healthcare" law. You know, the one you and your idiot friends begged for. now YOUR leaders, the democrats have control of all 3 houses and you have the idiocy to blame the republicans?

hahahaha, what a dope.

Well, you can either blame the Republicans for not stopping it or the Democrats for pushing it. Last I checked, the Democrats held the Senate, House, and Oval Office... someone seems to have more power. Which is it?

I've been curious as to who put this in the health-care bill to begin with. Somebody in the Senate and somebody in the House was fighting for it, who and why?

Further more, what else is buried in that bill and how long will it take to find it?

Whatever it takes! So they say...

How people can follow any of these politicians is beyond me.

I don't understand how anyone can even begin to support that argument.

So disturbing. This happens on both sides of the aisle though.

Agreed. Time for something new.

If you arent on food stamps or welfare you have NO BUSINESS voting for Democrats because they will come get what you have and give it to the people on food stamps and welfare.

but you guys must admit, it makes complete sense that all the credit card processors, paypal, etc would be required to report $$ sent... :2 cents:

Why?

....

well:
a. it's a trivial task for a credit card processor, paypal etc to send forms like that
b. will increase tax compliance for sure, I'm sure there are ton of people that forget to include their paypal income for example
c. credit card processors are somewhat similar to a bank, if a bank sends you a form when you earn $5 in interest income, it makes sense that credit card processor would send you one too especially considering that $$ involved is usually much greater...

a) Trivial? You must not run a business. This is not just about credit card or paypal transactions. Cash transactions are also included. The amount of paperwork required to track all this is going to crush small businesses.

b) PayPal already reports income to the IRS. There has to be a balance here. This new system treats us like we are all guilty. And if the government is really concerned about tax compliance they need to look at themselves: http://latimesblogs.latimes.com/wash...taxes-irs.html

c) You clearly are way over your head here. In your example banks are reporting PROFIT earned from interest. That is not the same as reporting how much I spend on gas, food, shopping, etc.

Why does the government need to know everything you buy? Are we not entitled to any privacy?

Well said.

If it were not so ridiculous, I would find it funny the governments of the world (particularly U.S.) waste so much time on tax collection and new tax laws considering how little they actually provide the bulk of Americans. It's not like we are getting free higher education, healthcare, or things other socialized countries are getting in return for their VAT taxes.

If I actually saw more return on my investment of taxes, I may take the bend over a little more graciously. The relentless focus on the government to tax and spend, and then pass more taxes to pay for the enforcement of that philosophy really gets to be ludicrous at some point. It is one big circle of tax and spend.

Hey Chump... I'm aware it's part of the healthcare law, a large number of laws that I support - that are good laws, have fucked up parts in them I don't agree with. Only idiots think everything works perfectly how 'you' think it should work. Then again, your are an idiot.

As well, I didn't state opposition to the move. I know healthcare has to be paid for, I'm willing to do my part to help America - in various ways. I simply pointed out the Republicans didn't go all out for small business, as they claim to always do and being that it did go through, they will now "make up blame" (should have said that) and sling at Obama - when they could have stopped it.

Enough Republicans didn't vote for it, that if they did they could have blocked. Democrats voted to block it, and the opposing Republican didn't. All because Rep's want the entire bill repealed, so instead of taking out what sucks about it, they let crazy shit go through.... And this is why America thinks the Republican party is full of shit, all talk and no action as usual.

What about ccbill? It's my understanding they don't report induvidual incomes. Will this now change?

The Democrats pushed the Healthcare law through, however with most laws on the books change shortly after they come out and more with time. Natural process as you know.

It makes no difference who has the power, enough oppositions votes were put down if a few more Republicans voted for it, it would have blocked it. The same Republicans that rail against healthcare, say small business is the way to go, etc - just ignored us.

It gets paid for in many many many various ways... some are good/decent and smart ways, others are completely stupid and need to be removed/adjusted. It's all laid out in the bill though, not hidden away.

Like most laws/acts/bills, this one needs to be improved and the Republicans just dropped the ball big time.

The excuses are sad. Go ahead and rationalize this out to be the Republicans fault. Its not, its Obama and the Dems end of story. If they did not know what was in the bill, did not like the bill, they should have voted no.

The entire bill needs to be repealed.

BTW the Republicans put forth an amendment that would have taken this part out but the Dems didnt vote for it. They are both playing a game.

can you say that again?
I couldn't hear you with obama's dick in your mouth.

Fact:
democrats voted for the law.
democrats, if they think its bad, have the votes to fix it without republican support.
they didn't.
jerk yourself off all day long with your bullshit but its just that, bullshit.
as always. :thumbsup

Right. They didn't say "no" loud enough, got it. This silly part of the law is obviously their fault. Obviously!

What's obvious is that both parties either missed this or both parties tried to sneak it through. There are problems with both of those scenarios. Which brings us back to: who put this in on the Senate, who put this in on the House... and why?

And then again this makes you wonder what other things were missed and snuck through in this massive bill that was pushed hard and accomplished something in less than a year that was not even close to being accomplished in many different decades.

Every law and bill has pork. Absolutely no doubt about that. Massive bills have even more pork. That doesn't make it wrong for people to be upset when they find out about this pork, particularly in bills as controversial as this.

Miss Pelosi was right. We found out afterwards. Thank God!

My comments were about credit card processors like paypal or ccbill, forcing them to send the forms to the IRS makes sense to me...

I'm not familiar with the specifics of the bill, but if it indeed includes ALL transactions over $600, then yea I agree it is going too far...

Your head must be filled with rocks or something..

Yes, they voted for the law, they don't think the law is bad, the overall idea of the law is great! Parts of it, suck... but like the Constitution which has changed, this law should change too - ouch that puts a hole in your theory.

Anything else thick one?

They don't need to. But you know what? They do it anyway. :mad:

I have to list every last thing I do. Hell, they even asked to see my bank statements which lay out all my expenditures both personal and private. For some reason they MUST know how much I spend on groceries or going out to a nightclub or when I bought a new pair of pants. It's unreal. I guess they need to know I'm not "cheating".

It's time for a change in this country. I say flat tax would be the way to go and eliminate all this bullshit time consuming money costing crap.

keep jerking!:thumbsup

I didn't say this law was the Republicans fault... and it's not about yelling loud enough, it's about a double standard within the Republican party.

Republicans against the healthcare law, for small business, lower taxes, ect - had the chance to show they really mean what they say and they failed to back it up.

That is a very clear and very simple thing to understand.


Clearly it wasn't missed if someone was trying to repeal it... it's also been in the news and been in the lists that show what the healthcare bill will do. If anyone that is voting on it, yes or no - hasn't read it, they shouldn't be in office.

Btw, don't assume I'm democrat cause I'm damn sure not and I've never voted for one. I've got damn full right to say they dropped the ball.

I just jerked a load in your mouth... maybe you can swap it out with your tea bagger butt buddies and improve the dna pool chances for America.

Actually no they didnt fail to do anything. The Reps proposed an amendment that would get rid of that part of the bill COMPLETELY, which is BETTER for small business than the Dep proposal. The Democrats FAILED to help small business by voting against the Rep proposal.

Again... Several Republicans "against the healthcare bill" did not vote for the Republican proposed amendment but the opposing Democrat did. Enough that if those Republicans did vote, the proposed amendment would have went through.

Basically... both sides voted for and against, yes heavy for it on the Rep side, of course. It wasn't one sided though.

I don't expect Democrats to help small business, I do expect Republicans that say they are for small business, lower taxes, hate the healthcare bill, don't like this actual part and have stated that - yet let it go through.

That doesn't make you ask, WTF is going on, even a little?

No not really, you act like the Republicans should all vote the same way all the time.

It does make me wonder why Dems hate small business, love job killing bills and do not want to see a recovery.

When those same Republicans say they are for small business, lower taxes, less burden, etc, etc... then if you don't expect them to vote for those things? Umm...

I don't know what to say, is this what's wrong with our Country? I'm sorry, if you say you're going to help business or whatever, and you go the opposite direction of that - I have a HUGE problem with that, left/right or down the middle.


That's the diff, the Dems aren't coming out saying hey we are for small business, we will help, blah blah blah. That's why I don't raise a brow at them. I've never seen a bill that was a job killing bill and I've never heard anyone on any side say they don't want to see recovery.

You have great selective hearing

I'm not going to whip myself into a frenzy over some new tax dealie. If there hadn't been unneccessary tax breaks to people who dont need them for the past 10 years, nobody would've thought of this shit. That'll be all.

Oh I wasn't aware that was the Democrats that voted on this, the actual people we're talking about.

:thumbsup

son, lying is no way to go thru life and it certainly isn't a way to regain your lost credibility. even here on GFY.

http://www.senate.gov/legislative/LI...2&vote =00231

click the link, look at the votes. not a single republican voted no on Johanns' amendment. YOU'RE A LIAR.
now run along and let the adults talk.

Thanks I was hunting for the roll call. :1orglaugh

its trash like you thats making our country worse.
if not for your betters, you'd have to pay your own way and you'd deny them the same break everyone else got?

trash

I'm not trash, so go fuck yourself asshole. That'll be all again.