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Archive for April 29th, 2010

Yeah.  I wouldn’t count on that raise just yet.  First of all, you might make enough already, or at least Dim Won might think so:

There simply IS. NO. EXCUSE. for a President of the United States to presume that any citizen owes a duty to the economy, and that a citizen…any citizen can “make enough money”.  But I digress.  Those health care savings for your employer?  Not so much.  SanFranNan told us that we’d have to pass the bill to see what’s in it (an outrage all on its own, but when the current generation wakes up to everything that she and her comrades have stolen from them, there will be a reckoning) and she was right.  There is a new cost to businesses in the bill and its going to hurt.  But now we know what the extra IRS agents are for:

From an RIA publication on 1099s:

The 2010 Health Care Act adds “amounts in consideration for property” (Code Sec. 6041(a) as amended by 2010 Health Care Act §9006(b)(1)) and “gross proceeds” (Code Sec. 6041(a) as amended by 2010 Health Care Act §9006(b)(2)) to the pre-2010 Health Care Act categories of payments for which an information return to IRS will be required if the $600 aggregate payment threshold is met in a tax year for any one payee. Thus, Congress says that for payments made after 2011, the term “payments” includes gross proceeds paid in consideration for property or services.  (It will also require 1099s to be sent to Corporations for the first time)

What does this mean?

It means that ANY time a business does $600 or more worth of business with another entity, it will have to issue a 1099 to that entity.  This will cover transactions like rent, purchasing office equipment, catering for meetings, etc.  These forms will have to be matched with existing accounting records, and I’m sure there won’t be any errors or mismatched documents.  And if there were, the IRS is sure to be understanding and generous when dealing with it.  No one will have the added expense of fighting audits and the sticky fingers of Uncle Sugar.  And that doesn’t even count the costs of the accounting necessary to issue and receive these 1099s.

I didn’t think there could be anything worse than being force fed the crap sandwich that is ObamaCare.  I was wrong.  Having to go through and pick the bones out before swallowing is worse.

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