Surprise! Health Fascism Law Requires Reporting of $600 Transactions

Buried in the health care takeover legislation is a mandate that businesses report all payments that total $600 or more per year on Form 1099, even for purchases of goods. Currently, this is required only for things like contractor payments, interest and dividends.

The consequences of this mandate are widespread. Sell a Krugerand and you will be reported. Businesses will be choked with filling 1099s for vendors that include paper suppliers, caterers, plant maintenance, rent and utilities; all of whom must provide their taxpayer identification information or have 28% of the payment withheld for taxes. If there is an error in recording the information, the IRS will levy a fine. Individuals who casually provide goods and services as a hobby (not as a business) will be ensnared.  

The Wall Street Journal reports that "The IRS has announced that businesses wouldn't have to report payments made by credit card, as those payments will be picked up by a separate reporting regime."

Credit card reporting regime? Is this the financial spying instituted under the "financial reform" bill? The exemption for credit card transactions may be a form of political pay-off to the banks as credit card use will be incentivized. This would also drive up prices since credit card companies charge a fee, usually 5%, for each transaction. The new requirement may also be a predecessor to the VAT.

For more, see:

http://www.farmanddairy.com/columns/unintended-consequence-of-health-care-reform-more-farm-tax-paperwork/15263.html

http://www.webcpa.com/news/Taxpayer-Advocate-Concerned-1099-Reporting-54879-1.html

http://www.webcpa.com/news/Small-Businesses-Protest-Expanded-1099-Reporting-54884-1.html

http://corner.nationalreview.com/post/?q=Zjk2YmRhYjI1NThkMzllNjVmZTI2YzZhN2YzNzY5Y2Y=

http://spectator.org/blog/2010/07/08/irs-ombudsman-says-obamacare-c

http://online.wsj.com/article/SB10001424052748703636404575353281768628138.html?mod=googlenews_wsj

http://www.saveyourrights.com/government-control/obamacare-legislation-mandates-1099s-for-every-and-all-business-transactions-in-excess-of-600/

http://www.cato-at-liberty.org/2010/04/26/costly-irs-mandate-slipped-into-health-bill/

http://money.cnn.com/2010/05/05/smallbusiness/1099_health_care_tax_change/

 

 

Bookmark/Search this post with:
  • Delicious
  • StumbleUpon
  • Reddit
  • Facebook
  • Google
  • Yahoo
»
User offline. Last seen 10 years 3 weeks ago.
FUR3jr
Number 468
FUR3jr's picture
Conspirator for: 16 years 10 weeks
Posted on: July 14, 2010 - 12:06am #1

This is totally insane.  Of course, what I think will also happen is that they will be making it harder and harder to carry cash at all.  Twice last year I requested cash from my demand account (checking) for around $5,000, and they could not deliver.  They tried to make me feel like I should have given them warning.  I said to them, this is bunk, you guys are bankrupt.  I told them that I wanted my money, and that if I didn't get it, I was going to tell everyone I knew that they were not an honest institution.  They couldn't come up with the money, so I eventually let them off the hook by accepting cashiers checks.  This wasn't like $100,000 or anything.  I was paying my plumber, and making my house payment. sums of less than $10K.  They choked.  I expect cash of any kind to be hard and harder to come by.

_

User offline. Last seen 10 years 10 weeks ago.
jackjohn600
Number 1552
Conspirator for: 10 years 10 weeks
Posted on: October 17, 2014 - 3:10am #2

Here is our Titanium over-the-counter male enhancement product. You will find upon purchasing that this bottle contains one month’s supply of male enhancement pills (which is 16 pills to be exact). sparxx rx

_

User offline. Last seen 9 years 47 weeks ago.
anaymohite
Number 1738
Conspirator for: 9 years 47 weeks
Posted on: January 26, 2015 - 2:55am #3

Posting soccer mom is equivalent to having some part-time job accompanied by a demanding itinerary. My top soccer the mother ideas definitely will hopefully assist you in finding balance for you and too help improve your kid's soccer talents. www.scorespro.com

_

User offline. Last seen 9 years 38 weeks ago.
EzekielJose
Number 1726
Conspirator for: 9 years 48 weeks
Posted on: January 28, 2015 - 9:23am #4

I got any comely decorous endeavor inscription service by ineedessayhelp. I was searching for a location that had pro authors who could process on my expositions among thoroughness besides ability. I discovered this here in the pick share.

_

User offline. Last seen 7 years 51 weeks ago.
jeni
Number 2113
Conspirator for: 7 years 51 weeks
Posted on: December 29, 2016 - 1:54am #5

This Hair Loss Protocol is an ultimate solution to get the hair back. Baldness is a common problem of the majority of the people, but it cannot be permanent due to the 

_

User offline. Last seen 7 years 30 weeks ago.
Alex John
Number 2130
Conspirator for: 7 years 45 weeks
Posted on: February 17, 2017 - 1:29am #6

I'm dotty for your best article writings and contents auspiciously.
tips for writing persuasive essays

_

User offline. Last seen 7 years 30 weeks ago.
Alex John
Number 2130
Conspirator for: 7 years 45 weeks
Posted on: February 25, 2017 - 3:15am #7

This is one amongst the informative blogs that you shared with us. Search Engine Optimization Expert

_

User offline. Last seen 7 years 30 weeks ago.
Alex John
Number 2130
Conspirator for: 7 years 45 weeks
Posted on: February 27, 2017 - 7:38am #8

I outright point of view and revalue your repair on every objective. SEO Agency

_

User offline. Last seen 7 years 30 weeks ago.
Alex John
Number 2130
Conspirator for: 7 years 45 weeks
Posted on: March 7, 2017 - 5:10am #9

I want to say thank to you people for this great and helpful info. Thanks!!! digital marketing agencies in peterborough

_