New Taxes in 2011

[gemini]

one more thing slipped into Obama Care............ 1099 on sale /purchase of
gold coins or bullion.......... please prepare to have your investments redistributed.....
http://abcnews.go.com/Business/gold-coi ... 611&page=1" onclick="window.open(this.href);return false;

[Taxman]

Another thing that has slipped under the radar are the new 1099 reporting requirements, talk about a paper nightmare! It will kill small businesses!

enlighten me.

We only have 2 1099 employees and use a payroll service (thank heavens) I decided that my sanity was well worth those bucks MANY years ago.

edit to add: Holy cow! Is this what you're talking about?

http://www.accountingweb.com/topic/tax/ ... -care-bill" onclick="window.open(this.href);return false;

Incredible. What an absolute nightmare (and I use very few vendors or services)
Will this be $600 total, or will it be a single $ 600 bill. In other words, If I do $400 or $500 quarterly with a business, will I have to report that 2K per year, or only if I make a single larger order?
I'm seriously going to have to do a 1099 for the catering company for our Christmas Party?

That's it! $600 in total for GOODS as well as services. Whether the vendor you are doing business with is an individual or corporation. Nice huh?

[Purplehood]

Another thing that has slipped under the radar are the new 1099 reporting requirements, talk about a paper nightmare! It will kill small businesses!

enlighten me.

We only have 2 1099 employees and use a payroll service (thank heavens) I decided that my sanity was well worth those bucks MANY years ago.

edit to add: Holy cow! Is this what you're talking about?

http://www.accountingweb.com/topic/tax/ ... -care-bill" onclick="window.open(this.href);return false;

Incredible. What an absolute nightmare (and I use very few vendors or services)
Will this be $600 total, or will it be a single $ 600 bill. In other words, If I do $400 or $500 quarterly with a business, will I have to report that 2K per year, or only if I make a single larger order?
I'm seriously going to have to do a 1099 for the catering company for our Christmas Party?

That's it! $600 in total for GOODS as well as services. Whether the vendor you are doing business with is an individual or corporation. Nice huh?

What a beautiful incentive to stifle commerce.

[sjfcontrol]

It's just too insane to comprehend. In essence, the IRS is going to track EVERY transaction made. Does anybody think they have the computing power to pull this off? And it's all hidden in the 2000+ page health care bill that they had to pass in a hurry so we could see what was in it. Or more accurately, pass in a hurry BEFORE we COULD see what was in it.

[Taxman]

It's just too insane to comprehend. In essence, the IRS is going to track EVERY transaction made. Does anybody think they have the computing power to pull this off? And it's all hidden in the 2000+ page health care bill that they had to pass in a hurry so we could see what was in it. Or more accurately, pass in a hurry BEFORE we COULD see what was in it.

What do you think all of the additional IRS agents are being hired for?

[sjfcontrol]

It's not the number of agents that are required, its the ability to handle and process millions and millions of 1099 forms every year.

[gemini]

It's not the number of agents that are required, its the ability to handle and process millions and millions of 1099 forms every year.

If I remember correctly, the number of new agents needed just to insure Obama Care compliance was 25,000.
Wow. BHO is creating all these new jobs! .......................

[Oldgringo]

Many people, including the Oldgringo, have their bowels in an uproar about the current POTUS' view of himself and his view for the United States.

Please be reminded that Obama did not elect himself. Had the Repubs taken care of the people and addressed their concerns when they had the opportunities, we would have forgotten who the Dem candidate was in 2008.

Rather than rail against the current administration, our demands should be for the Repubs to pull their collective heads out and come forth with viable candidates and a platform that ALL of the people can relate to and quit pandering exclusively to the military/industrial complex, big business, the wealthy and the securely employed and/or pensioned. Absent that epiphany on the part of the Repubs, we might as well stay bent over and ask for seconds.

[Tamie]

Sounds like "Change you can believe in" to me!

But of course my additional cost will not be more than $0.09. I was promised that my taxes would not go up one single dime!

You weren't listening. Taxes will only go up for the rich.

However, the average annual income in Kenya is less than $1000.

[sjfcontrol]

I distinctly remember 250k... Or was it 200k... Maybe 180?

[pbwalker]

Sounds like "Change you can believe in" to me!

But of course my additional cost will not be more than $0.09. I was promised that my taxes would not go up one single dime!

You weren't listening. Taxes will only go up for the rich.

However, the average annual income in Kenya is less than $1000.

So why should the taxes go up for only the rich? Can anyone answer that question?

[jester]

So why should the taxes go up for only the rich? Can anyone answer that question?

The primary philosophy of the current tax system is, "From each according to his ability, to each according to his needs." That explains everything from inequitable tax brackets to deductions for dependents.

[chasfm11]

So why should the taxes go up for only the rich? Can anyone answer that question?

Here is your answer

http://www.cnn.com/2010/OPINION/04/15/h ... index.html

When 47% of the households don't pay any income tax (and some even get refunds), everyone else by default is "rich"

If you think that taxes will not increase for all of those who do pay taxes, you haven't been following the news. The new healthcare law alone will get nearly everyone, just not necessarily through the income tax directly.

[TexasGal]

Many people, including the Oldgringo, have their bowels in an uproar about the current POTUS' view of himself and his view for the United States.

Please be reminded that Obama did not elect himself. Had the Repubs taken care of the people and addressed their concerns when they had the opportunities, we would have forgotten who the Dem candidate was in 2008.

Rather than rail against the current administration, our demands should be for the Repubs to pull their collective heads out and come forth with viable candidates and a platform that ALL of the people can relate to and quit pandering exclusively to the military/industrial complex, big business, the wealthy and the securely employed and/or pensioned. Absent that epiphany on the part of the Repubs, we might as well stay bent over and ask for seconds.

[megs]

The GOP should do a 180 and embrace capitalism, economic freedom, personal freedom, low taxes and small government.

Ever since I started paying attention to politics in high school, the Republicans have been following the Demorat lead. They sometimes talk a good game, but their actual votes, and their actual policies when they're in power, have been overwhelmingly socialist. Not as socialist as the Demorats, because the Republicans are followers not leaders, but socialist all the same.

Real hope and change would get rid of the socialist "entitlement" spending and stop punishing economic success.