Expect tax filings to sky rocket as firms realize that, under the new rules, they will have to issue 1099 tax forms not just to their employees, but any individual or corporation from which they buy more than $600 in one year. They'll have to gather names and tax identification numbers for every single vendor that they do business with. There will be millions more forms that will need to be filed. Just what small businesses need.
Replies (34)
So ... that's where the (under-reported) expected need for future additional IRS employees comes in?
As noted before ... we won't know for years what all is in this massive bill ... perhaps we never will fully realize it all.
I am truly disgusted with most of our elected officials ... and with the private citizens who cannot seem to realize or admit what the former are doing to our country ... our freedoms ... all in the name of 'helping us.'
-- Posted by gurusmom on Sun, May 9, 2010, at 3:30 PM
So what's the surprise, this was discussed and Obama alluded to it way before the bill was passed.
Obama has proved over and over again that he can tell the people to head down this road that leads over a cliff and people will follow thinking that was just a parable not to be taken literaly.
When I told a friend before the election that he may lose his Cadillac [as they call it] medical insurance, I was laughed at.
Now it seems the rumors are flying that his company may choose to pay the fine over paying for his policy.
Obama and his handlers have said from the get go that they want a single payer system. It will come to pass. Private company insurers will accept government subsidies to stay in business and government will run them.
-- Posted by Old John on Sun, May 9, 2010, at 7:25 PM
Old J. ... I still haven't understood the 'penalty' for having a Cadillac health plan ...
Now, knowing that I don't understand it ... Why would we 'punish' anyone for having better-than-avergage health insurance?
-- Posted by gurusmom on Sun, May 9, 2010, at 7:40 PM
Gurusmon, Class envy. It's one of the bedrocks of progressive progession.
"Spread the wealth around" means we all are equal in our households.
-- Posted by Old John on Sun, May 9, 2010, at 7:47 PM
Well, shoot, Old J. ... That was the only thing I could come up with ... 'class envy' ... but then I thought ... Our government leaders surely wouldn't use such a thing as that to sway people's opinion ... ~laughing~
Remembering the 'Good Old Days' of union membership ... just like everything we seem to do, we have allowed a good idea to become a monster. Just my opinion in comparing 'back then' (the early 1970's) to today. And wondering where the heck the initial reasoning for having unions disappeared to?
Oh! Money and power for union leaders ... never mind, I got it now. Similar to political party leaders ...
-- Posted by gurusmom on Sun, May 9, 2010, at 11:21 PM
"Oh! Money and power for union leaders ... never mind, I got it now. Similar to political party leaders ..." Seems to be a lot of that among many various groups and I find myself asking about our humanity and how is it possible we are still free. I'm still working on that one.
-- Posted by non-biasedphilosopher on Mon, May 10, 2010, at 5:18 AM
WASHINGTON -- Millions of Americans could lose some important benefits of the new health overhaul law depending on how the Obama administration chooses to interpret one term: "grandfathered."
Under the law, existing, or "grandfathered" health plans are exempt from several consumer protections, including a requirement that beginning as early as September prohibits health plans from charging co-payments and other cost-sharing for certain preventive health services such as immunizations and cancer screenings.
The issue has touched off a debate over how grandfathering is defined, with some consumer and employer groups squaring off. Consumer groups say that if the definition is too lenient, many Americans won't get the full benefit of the law. Meanwhile, some business groups say that if their plans have to forfeit their grandfather status, they'll be subject to all the new rules that raise costs and premiums.
-- Posted by blogbudsman on Mon, May 10, 2010, at 7:05 AM
If spreading the wealth dosen't mean taking from those who try harder and make more money and give it to those tho don't try as hard and don't make enough then just what in the world does it mean?
-- Posted by mynameismud on Mon, May 10, 2010, at 1:36 PM
Darn! I didn't really think Pops and I had much in the way of 'wealth,' but after paying over 50% more in income taxes for last year (with basically the same income as the year before), guess we ended up 'sharing' our non-wealth somehow. ~grinning~
Now ... even though 'someone' took more of our money than before ... we're not so worried about anybody wanting to take our money, as we are about 'somebody' taking some of our Medicare benefits (which we essentially 'earned') away, in order to finance health benefits for less than 10% of the population.
Most of us aren't naive enough to buy into this 2,000+ page health care bill ... those who do probably are, though.
-- Posted by gurusmom on Mon, May 10, 2010, at 2:48 PM
Unusually for April, the government ran a deficit last month, as well as in April of 2009. Because that is the biggest month for tax receipts, the government usually runs a surplus in April (it did for every year the President Bush was in office). This does not bode well. Be prepared for the government to come after an even bigger chunk of your monies very soon.
-- Posted by Shapley Hunter on Mon, May 10, 2010, at 3:02 PM
Bite your tongue, Shapley! As it is, little Marble Hill is getting ready to throw out their personal property tax in lieu of more sales taxes!
Funny, because they've presented that idea in a way that sounds like MH doesn't already have a sales tax.
At any rate ... I just don't know how much more some citizens can afford to pay to our governments and still be able to maintain a reasonably comfortable life style. Additional taxation by the federal government certainly makes being a 'welfare' or low-income family paying no taxes look more attractive.
-- Posted by gurusmom on Mon, May 10, 2010, at 3:50 PM
What does businesses issuing 1099's have anything to do with the healthcare? Nothing, yet there it is in the bill.
Do you realize that accountants have to get all 1099's finished and to their clients before January 31st? Now think about how many businesses one business deals with....the number of 1099's under the new rules will more than quadruple.
They are also passing new legislation that will monitor all tax preparers. Every tax preparer in the USA will have until Dec 31st to comply with the new rules. Every tax preparer will have to register with the IRS and pay an annual license fee of $150 to the IRS, plus pass an IRS test every year and pay to take that test, plus take continued education credit hours on an annual basis. (btw- the new test won't be out until Sept 1st)On top of this they are wanting tax preparers to start policing their clients by imposing preparer penalities if one of your clients don't have their ducks in a row. By all of these new rules, within the next 2 years I guarantee that no one will be able to have their taxes filed for less than $300 by a preparer. And business will be paying out thousands to have a CPA do all those 1099's and with the added scrutiny to their books!
-- Posted by Skeptic1 on Tue, May 11, 2010, at 8:51 PM
let me clarify- the new legislature is for tax preparers, not CPA's
-- Posted by Skeptic1 on Tue, May 11, 2010, at 8:52 PM
sateva i will agree with you (except for the repubs remark)...but is the IRS and CPA field where you want to see job growth?
-- Posted by Skeptic1 on Tue, May 11, 2010, at 10:06 PM
so true Why Not. I don't see how most small businesses will be able to stay in business without raising all their rates. You know I have heard Obama say the economy is recovering... where?
And to top the mother of all tax hikes... Cap & Trade (Climate Bill) is going on the floor this week. And they have made changes to it which will be revealed tomorrow. It was said on Sunday they already know they have the right number of votes to pass it.
-- Posted by Skeptic1 on Tue, May 11, 2010, at 11:08 PM
Many of you are so nieve about what "spreading the wealth" really means. Nobody wants to take your money!. But i am think that many of you think that is what the president meant. He did not mean that, but you are too blind to really see what he meant....and you still are. I can break it down for you if you need me to.
-- Posted by cadillacman on Mon, May 10, 2010, at 12:59 PM
I honestly think that you don't even believe that C. Man. You have invested so much of your energy and soul electing and promoting Obama just like the Bush defenders have done that you are deluding yourself and excusing his trampling of our civil liberties. It is o.k. to say you made a mistake in judging his character.
I don't say this to be mean or condescending or that I am all knowing, because I want people like you to be on the side of freedom from government tyranny. And that certainly doesn't mean that I want you to join the republican party because they are just as harmful to freedom as the democrats.
I predict that before this year is over C-Man that you will be promoting freedom from both of the political parties that want to keep us slaves to the international bankers. I am about 99.9% sure that is going to happen.
-- Posted by Thought Criminal on Tue, May 11, 2010, at 11:23 PM
Many of you are so nieve about what "spreading the wealth" really means. Nobody wants to take your money!. But i am think that many of you think that is what the president meant. He did not mean that, but you are too blind to really see what he meant....and you still are. I can break it down for you if you need me to.
-- Posted by cadillacman on Mon, May 10, 2010, at 12:59 PM
Caddy,
Please break it down for us. You have elaborated on what Obama did not mean. Maybe you would like to tell us what he did mean!
-- Posted by Have_Wheels_Will_Travel on Tue, May 11, 2010, at 11:38 PM
I said I was 99.9% sure C-Man will have an epiphany and snap out of the trance Obama has put him in just like the trance some of the Bush followers are in sateva. I am still on the fence as to that happening to you but remain hopeful. I hope you too cross over from the dark side. We need all the help we can get in fighting tyranny and global enslavement.
-- Posted by Thought Criminal on Tue, May 11, 2010, at 11:55 PM
Those phony projections of the cost of Obamacare are already out of date
Wow, Obamacare has barely become law and already the CBO has increased its estimate of how much it will cost.
Congressional Budget Office estimates released Tuesday predict the health care overhaul will likely cost about $115 billion more in discretionary spending over ten years than the original cost projections.
The additional spending -- if approved over the years by Congress -- would bring the total estimated cost of the overhaul to over $1 trillion.
Remember, the CBO had to buy into the phony assumptions that the Democrats placed into their bill such as future congresses making all sorts of cuts in Medicare that we know they won't make or raising taxes on the so-called Cadillac plans in 2018 that is doubtful that it will get passed.
The CBO released the estimates in response to a request from California Rep. Jerry Lewis, ranking Republican on the House Appropriations Committee. A spokeswoman for Lewis said the inquiry was filed before the House voted on the bill.
"[L]arge sums of discretionary spending in both the House and Senate versions of the health care reform bills have not yet been included in estimates by the CBO, rendering it impossible to make informed decisions regarding the outcome of this legislation," Lewis wrote in a February letter to House Speaker Nancy Pelosi, asking her to postpone votes until the discretionary spending analysis was complete.
The CBO estimated in March that the gross cost of the overhaul would be $940 billion over 10 years. The net cost was estimated at $788 billion over 10 years. But the group cautioned that it couldn't make an estimate of the discretionary costs without more time and information.
Yeah, the Democrats didn't need to wait for no stinkin' final estimate; they had a bill to pass! Who cares how much it costs?
-- Posted by blogbudsman on Wed, May 12, 2010, at 6:33 AM
There's no need for us working stiffs to worry about the cost of the healthcare program. Obama says the rich are going to pay for this through massive tax increases. You know the rich, they're the ones who write the paychecks for us working stiffs. Obama believes with all of his heart that it is better for the rich to give the gov't their money through taxation than it is for the rich to give it to the working stiffs through a paycheck. More gov't dependence that way.
-- Posted by FreedomFadingFast on Wed, May 12, 2010, at 7:54 AM
Those tin foil hat and kool-aid jokes keep getting funnier all the time sateva. So origional and fresh. Thanks for the laughs.
-- Posted by Thought Criminal on Wed, May 12, 2010, at 8:32 AM
Actually ... I had the impression that sateva was above that sort of silliness. Perhaps I haven't read enough of his/her comments?
Apologizing in advance, but the 'label' stuff, to me, makes a person seem ... well, not sharp enough to have an adult conversation without tossing in a little ... crowd-following insult-word-of-the-month or catch phrase ... a tactic that seems to say they don't have much else to throw out?
I always feel rather personally dumb those times when I might resort to it.
-- Posted by gurusmom on Wed, May 12, 2010, at 7:02 PM
Once again shamelessly borrowing another's observation - a taxpayer voting for Obama is kinda like a chicken voting for Colonel Sanders.
-- Posted by fxpwt on Wed, May 12, 2010, at 8:14 PM
fxpwt! Great to 'see' you again!
And the analogy sounds pretty reasonable to me ...
-- Posted by gurusmom on Wed, May 12, 2010, at 11:27 PM
Me, too, WHY ...
Well, in 8 more minutes my 'day off' will be over, so I'd better trudge into the kitchen and prepare myself mentally for the clean-up. ~sigh~
-- Posted by gurusmom on Wed, May 12, 2010, at 11:53 PM
Theorist ... Sorry ... but what I was meaning (I think) was the habit some have of throwing out 'tin foil hat' and 'Koolaid' type of comments ... No intelligent conversation or thought on a subject, just toss out a buzz word meant to poke fun at someone else's thoughts/opinions instead.
But yes ... the trend seems to be that liberals and conservatives will always poke a little fun ... or a little criticism ... at the opposing party. It's the American Way. As far as blaming ... the past, sometimes unfortunately, cannot be changed ... and probably shouldn't be used as an 'excuse' for future mistakes?
"That was while cleaning up the mess Jimmy Carter left us." To be fair: You didn't mention (as an example) any of the comments about GW?
One thing for sure though ... the toughest political position to have in the US is probably ... being independent or 'middle-of-the-road.' Those are the ones who get hit from both sides, if you think about it! ~grinning~
-- Posted by gurusmom on Thu, May 13, 2010, at 4:44 PM
One thing for sure though ... the toughest political position to have in the US is probably ... being independent or 'middle-of-the-road.' Those are the ones who get hit from both sides, if you think about it! ~grinning~
-- Posted by gurusmom on Thu, May 13, 2010, at 4:44 PM
Amen to that G-Mom. I was just as tough on the Republicans and Bush as I am on democrats and Obama.
It is hard sometimes to be passionate about an idea or to get a point across to other readers in a small amount of words without using some hyperbole, analogy, sarcasm, humor, etc. What I don't care for are words used only to be mean on purpose or school yard taunts. i.e ( you're stupid, you're ugly, you're fat, you're a liar ) However, even those words can be o.k. if they have some accompanying evidence or further explanation.
Anyway Theorist, I concede your point but only barely. My use of the words "dark side" OF COURSE does not mean that I believe that all people who follow the "dark side" leaders ( of both parties) are evil themselves. I don't even believe all politicians are evil at the lower levels but I certainly do at the upper levels. I believe people of every persuasion have been fed propaganda for our entire lives. More of us are breaking free of the propaganda machine and it is making the controllers nervous.
As we break free from the mind-control conditioning at different speeds and degrees and write about our awakening, it offends, scares, insults,angers, and even humors others. I don't intend to hurt anyone personally, but I will not sit by and remain silent while I see my country being sold out to the international bankers and Fascist corporations (Disclaimer: I didn't say all bankers or corporations ) by the very politicians who claim they care about our well being.
If I slip up time to time and say something personal about an individual on here, well...that's not my character. But until they restrict free speech on the INTERNET I will not mince words about what I think about the evil dark system in which we are living.
-- Posted by Thought Criminal on Thu, May 13, 2010, at 6:35 PM
Just seems to me, Info, that somehow most of us are 'programmed' to only see one side of an issue, especially if it concerns politics. I realize that I probably lean a little more to the conservative side, but I can't agree with everything Republican, just as I can agree to some things Democrat. I berated GW over many things, too (ask Pops! He's a pretty solid, staunch Conservative). I just can never accept anything that smacks of 'blind faith' or ... Keep thinking that I have a brain in order to ... think?
I think perhaps your logic might be just too scary for some to consider. I realize why our political leaders don't appreciate 'free thinkers' ... but can't understand why the average person doesn't. Because it's easier to trust and blindly follow than ... think for oneself?
But then again ... perhaps I'm just old enough, and interested enough, to see through things that others are blind to. Or maybe I'm just getting senile!
I'd like to live to an even-riper Old Age ... but rather hoping that I don't live long enough to see what happens to the internet, as well as the few liberties we still have left.
-- Posted by gurusmom on Fri, May 14, 2010, at 1:37 AM
See the trend????
-- Posted by Theorist on Thu, May 13, 2010, at 6:01 AM
The argument by extreme reflects left-wing epistemic closure, an inability to engage in meaningful discussion of the failures of big government, resulting in a series of strawman arguments and extensive hyperbole meant to marginalize those who disagree.
My comments: Yes Theorist, we see the trend. Many do.
-- Posted by blogbudsman on Sat, May 15, 2010, at 6:27 AM
everything you read here is bull####.
-- Posted by workingdude on Sat, May 15, 2010, at 8:16 AM
everything you read here is bull####.
-- Posted by workingdude on Sat, May 15, 2010, at 8:16 AM
Obviously you would be better suited to attend your next union meeting or your favorite political party committee meetings... they will instruct you on what to think. Why wste your time here?
-- Posted by Have_Wheels_Will_Travel on Sat, May 15, 2010, at 9:54 AM
Obviously you would be better suited to attend your next union meeting or your favorite political party committee meetings... they will instruct you on what to think. Why waste your time here?
-- Posted by Have_Wheels_Will_Travel on Sat, May 15, 2010, at 9:54 AM
I concur with that Wheels.
-- Posted by Thought Criminal on Sat, May 15, 2010, at 11:34 AM
Wheels is right.
Nothing so precious as a closed mind. Nothing worse than a mind which refuses to think. Nothing more pathetic than a mind incapable of thought.
-- Posted by voyager on Sat, May 15, 2010, at 11:54 AM
Surprise! Provisions in the health care reform bill that were supposed to help small businesses....don't.
WASHINGTON -- Zach Hoffman was confident his small business would qualify for a new tax cut in President Barack Obama's health care overhaul law.
But when he ran the numbers, Hoffman discovered that his office furniture company wouldn't get any assistance with the $79,200 it pays annually in premiums for its 24 employees. "It leaves you with this feeling of a bait-and-switch," he said.
.....
To get the most out of the new federal credit, Hoffman said he'd have to cut his work force to 10 employees and slash their wages.
"That seems like a strange outcome, given we've got 10 percent unemployment," he said.
-- Posted by blogbudsman on Thu, May 20, 2010, at 7:18 AM
Menu
Ah, another surprise from Obamacare.
http://money.cnn.com/2010/05/05/smallbusiness/1099_health_care_tax_change/index....
Expect tax filings to sky rocket as firms realize that, under the new rules, they will have to issue 1099 tax forms not just to their employees, but any individual or corporation from which they buy more than $600 in one year. They'll have to gather names and tax identification numbers for every single vendor that they do business with. There will be millions more forms that will need to be filed. Just what small businesses need.
Replies (34)