I guess now you have heard that inside the new Obama Heath care crap is this new rule IRS form 1099 is needed for EVERY transaction $600 or more. Any business person will tell you this is UTTERLY and completely INSANE. Off the wall."That’s right: This law requires any person engaged in a trade or business to file an IRS Form 1099, reporting all payments totaling $600 or more in a calendar year to any single person, other than a tax-exempt corporation (non-profit). No, they don’t care to know that you donated $600 to a local animal rescue. But if your third cousin twice removed sold you an old pick-up truck for $750 for your weekend lawn service company, you better file and he’d better pay tax on that transaction! And you are responsible for getting him the forms and, at the same time, submitting them to the IRS. And when you mail off your rent check for your equipment bay, guess what…Time to send the 1099s to the IRS and your landlord. And in line with a “As Seen on TV Moment”, but wait, there is more..."
http://www.searchamelia.com/2010/08/05/1099-forms-for-every-transaction-over-600/
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Topic: Health Care Trap! $600 and the IRS (Read 185 times)