New Tax law hidden in Health Care Reform

[CougarClaw]

http://money.cnn.com/2010/05/05/smallbu ... /index.htm

Saw this little gem this morning. basically, if you are self-employed, a contractor or any type of business, Uncle Sam is now requiring you to submit a 1099 tax form for any and all purchases over $600.

Holy Paperwork Batman.

I bet Intuit and Quicken are happy right about now, but this is supposedly to help cover the approximately $300B in lost tax revenues through non-reported sales. I wonder what the lost productivity costs to the country's businesses will be not to mention the meteoric rise of items around the country that are suddenly discounted to $599.

If healthcare doesn't get us. The tax code surely will.

[BroncoBot]

Interesting. How much of that 300B is still in the hands of members of Obama's staff? It seems like every months or so one of his buddies is turning up as having not paid their full share of taxes.

My question is how much is this part of the bill going to cost tax payers to pay another IRS goon to micromanage every business owner, contractor, etc

[BYULV]

I susptec the IRS Goons you mention will be paid by the fines they levy, thus motivating them to find errors ("Fraud") amongst those they investigate. It happens right now in the medical feild labeled as Medicare fraud. There is no way to make an honest reporting error or miscode when billing medicare, it is termed fraud and they fine you. If they find an error in coding (say 1 out of 10 charts they review) they will extrapolate the error across your entire panel of patients and fine you on 10% of all the patients you take care of, without finding actual errors. There is actual fraud in the system, but not this. Just the fact that the investigators get their budgets covered by the fines they take in is the wrong way to proceed, because it causes an obvious conflict of incentive.

[BYULV]

Not directly related to this topic, but Everyone here in Nevada just got a nice $200 tax hike in the name of a State Business License. Anyone who owns and LLC, corporation, etc, when filing their annual list of managers was also invoiced $200 for a new State Business License fee. We already pay a city/county business license. I'm ticked, as this is just another hidden tax. I'm all for fees to cover expenses of services, licensure, oversight, credentialing, etc, but when a fee is imposed without providing any services in return, it is just a tax, and in my opinion an unjust tax.

[Cougy_Monster]

I've fought the system for so long--been to DC multiple times to help politicians extricate their heads from their rectal vault. I've about lost all hope. Our country is led by a mob of crooks who are voted in by a herd of fools.

This country is no longer any different than all the rest.

The whole place is going down in flames and I'm now just along for the ride.

Our current system of govt cannot fix today's problems as long as there are so many voters enjoying government entitlements.

Honestly if some red states wanted to break from the Union I'd be all for it.

(...and about medicare fraud....at least 50% of my time is wasted in c.y.a. -- patient care is actually a very small part of my day. What a disgusting system.)

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