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Going back to the Headline and first paragraph the following is some serious information to be familiar with regarding the NEW IRS 1099 Filing requirements for most businesses. According to the IRS, ignorance is no excuse.
As part of the Patient Protection and Affordable Care Act signed into law March 23, 2010, by President Barrack Hussein Obama, businesses will be required to report payment of over $600 per year of goods or services made to anyone, including corporations, except for entities exempt under 501 (a),
which are charities and the like. Section 9006 of the Act amended Section 6041 of the Internal Revenue service code, go ahead, look it up. This
change in information reporting has been discussed for a long time as a means of tracking down more tax cheats, but until now Congress had
not acted upon it. (Easier to sneak it into 2000 plus page Bill, that no one read anyway)
The requirement for information reporting starts in 2012. This start date suggests that means your business will need to be gathering reporting
information in 2011, so it can be reported on your year 2012 1099s.
So what do you need to do now? Start getting w-9s from everybody including corporations: you must have a current address and valid Tax Payer
Identification Numbers (EIN or SSN) for any vendor you routinely pay more than $600 per year for goods or services, starting in 2011…….
This enforcement of another Small Business Reduction Policy seems to fly 9in the Face of another piece of Legislation, The Paperwork Reduction Act of 1980,
One way for an Internet Marketer to assure compliance with all of these burdensome regulation is to use Consistently an affordable Tax Help Software, that allocates all Expenses and Income in the right spot, allowing a quick glance each quarter to see your Tax Liability.
Even though it is named MLM Tax Helper it is configured to accept the needs of any Home Based Business Venture.
I have successfully used this product for the past 6 years and the time saved more than paid for the $49.95 Investment. Several of my associates have also.
And also Download this FREE informative report on 13 Tax Changes on the Way
Warning: If you make the smart decision to start 2011 out with good Planning Tools, I will earn a commission and have to pay more taxes..That is Good. But you will also be an affiliate and be able to do the same!
Just a note:
Even though credit card transactions seem to be exempt, the Software allows for the posting of those for ease of keeping track of expenses for your Quarterly returns.
Interesting that so much emphasis on National and personal Debt, and poor credit management, the Lobbyists were able to keep Credit Card Transaction out of the 1099 Loop……
Another example of Government OUT of the Hands of the Sheeple