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mountainguy

USA
2247 Posts

Posted - 12/20/2010 :  1:53:54 PM  Show Profile  Visit mountainguy's Homepage  Reply with Quote
Stealth IRS changes mean millions of new tax forms

By Neil deMause, contributing writerMay 21, 2010: 1:51 PM ET

NEW YORK (CNNMoney.com) -- The massive expansion of requirements for businesses to file 1099 tax forms that was hidden in the 2,409-page health reform bill took many by surprise when it came to light last month. But it's just one piece of a years-long legislative stealth campaign to create ways for the federal government to track down unreported income.

The result: A blizzard of new tax forms that the Internal Revenue Service will begin rolling out next year.

"It was actually something that we were following back under the Bush administration under the 2008 budget -- we started to see these kinds of rumblings about the 'tax gap' and whether or not businesses were paying their fair share," says Tom Henschke, president of the Pennsylvania-based SMC Business Councils, which was one of the first organizations to call attention to the health care amendment when it was introduced last fall. "So two administrations can claim credit for this."

The first tax-reporting expansion was buried in a different bill, the Housing Assistance Tax Act introduced by House Speaker Nancy Pelosi and signed into law by President George W. Bush in July 2008. Best known for its first-time homebuyers' credit, the bill also created a new addition to the family of 1099 tax forms: the 1099-K.

The 1099 is a catch-all series of IRS documents used to report non-wage income from a variety of sources like contract work, dividends, earned interest and pension distributions. The new 1099-K aims to shine a light on a currently hard-to-track payment stream: credit cards. Starting in 2011, financial firms that process credit or debit card payments will be required to send their clients, and the IRS, an annual form documenting the year's transactions.

The rule comes with a floor to weed out the most casual retailers: The 1099-K is only required when a merchant has at least 200 payment transactions a year totaling more than $20,000. But it applies to all payment processors, including Paypal, Amazon.com, and others that service very small businesses.

The goal of the new regulations is to catch income that is going unreported to the IRS. The federal government loses an estimated $300 billion each year from the "tax gap" between what individuals and businesses owe and what they actually pay.

The 1099 changes attached to the health care reform bill are another kettle of fish. These massively expand the requirements for filing the "1099-Misc" form, which companies use for recording payments to freelance workers and other individual service providers. Until now, payments to corporations have been exempt from 1099 rules, as have payments for the purchase of goods.

Starting in 2012, that changes. All business payments or purchases that exceed $600 in a calendar year will need to be accompanied by a 1099 filing. That means obtaining the taxpayer ID number of the individual or corporation you're making the payment to -- even if it's a giant retailer like Staples or Best Buy -- at the time of the transaction, or else facing IRS penalties.

http://money.cnn.com/2010/05/21/smallbusiness/1099_deluge/index.htm

"Educate and inform the whole mass of people. They are the only sure reliance of the preservation of our freedom."
-- Thomas Jefferson

William R. Jenkins

USA
3545 Posts

Posted - 12/20/2010 :  2:18:19 PM  Show Profile  Visit William R. Jenkins's Homepage  Reply with Quote
I am for it,if it will force the tax cheats to pay what they should.WRJ

William R.JenkinsGo to Top of Page

mountainguy

USA
2247 Posts

Posted - 12/20/2010 :  4:20:09 PM  Show Profile  Visit mountainguy's Homepage  Reply with Quote
You might want to rethink your response. Because, if a business has to spend money to send a 1099 form and gather the tax ID number for every purchase and payment, you can bet the cost will be passed on to the consumer. Which, by the way, is you.

You can also bet that they will eventually require the same from the Public at large, i.e. you again.

Then again, you may enjoy having your money taken from you and given to someone else. You always struck me as a sado-masochist of sorts.

"Educate and inform the whole mass of people. They are the only sure reliance of the preservation of our freedom."
-- Thomas JeffersonGo to Top of Page

William R. Jenkins

USA
3545 Posts

Posted - 12/20/2010 :  6:42:01 PM  Show Profile  Visit William R. Jenkins's Homepage  Reply with Quote
What a surprise,all this time(five years)I thought I was the only person on the forum that had the knowledge to be a phyco-analyst.to place me with the sado-macho indicates that you are much more intelligent that I previously thought,but you are wrong.With your new found ability maybe you should become a gator fan,that's where the smart people are.I don't have a business and haven't for nearly fifteen years,but when I did .I encouraged my employees to pay their fair share of taxes,especially the drink hustlers, with a reasonable amount in estimated income.I have never complained about paying my taxes,while realizing the system could use a lot of improvement.You seem to think there is a comspiracy behind everything the government attempts to do.So my analysis for you in this case is that you are suffering from a severe episode of conspiracy fobia.I suffer from a few fobias ,to include honesty and loyalty to the extreme,now that should not mean to imply that you don't.WRJ Gator fan with Gator Fobia

William R.JenkinsGo to Top of Page

hog wild

United States
180 Posts

Posted - 12/20/2010 :  10:48:40 PM  Show Profile  Visit hog wild's Homepage  Reply with Quote
The tax system is broke. There is nothing as unfair to the American worker as "fair trade". what do these third world countries offer their citizens? This is why the Tea Party is becoming so popular. The American people have to combat the lobbyists from around the world that have hijacked Washington. Its the large corps. who have moved the jobs outside this country while sending the products back to the US paying little or no taxes against the American people.

loud pipes save livesGo to Top of Page

Wildflower

USA
4528 Posts

Posted - 12/21/2010 :  9:54:42 PM  Show Profile  Reply with Quote
quote:

I am for it, if it will force the tax cheats to pay what they should.

Tax cheats?

You must be talking about large multinational corporations. The share of taxes that corporations pay has steadily gone down over the last few decades, while the share that private citizens pay has steadily gone up. It used to be the other way around.

http://moneycentral.msn.com/content/Taxes/P80242.asp

"In 2000 alone, 94% of all U.S. corporations paid less than 5% of their total income in corporate taxes, the GAO said in a report released Friday. Among the largest corporations -- the 1% of all corporations that owns 93% of all corporate assets -- 82% paid less than 5% of their income in taxes."

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William R. Jenkins

USA
3545 Posts

Posted - 12/22/2010 :  09:56:11 AM  Show Profile  Visit William R. Jenkins's Homepage  Reply with Quote
That's tax cheaters,meaning all.I realize we are in the United States,we are living on the greener side of the fence.Nearly all other countries citizens pay a larger percentage of their income in taxes.Maybe I am not the typical citizen since I don't complain about taxes and the price of gasoline.WRJ

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mountainguy

USA
2247 Posts

Posted - 12/22/2010 :  3:22:28 PM  Show Profile  Visit mountainguy's Homepage  Reply with Quote
WRJ,

Why don't you and Warren Buffett get together? He seems to share your opinion on taxes. He thinks he should be paying more. If you and he pay more taxes, it will give us small guys a break. Hells bells, I might even take me a vacation for a change!

I mean, why give it to the deadbeats that produce nothing and stay home to collect another year of a free ride?

Oh, and how do you feel about the new death tax? It went from 0% to 35%. The govt. wanted 55%. If you'd like to leave your family some of your hard-earned money, you might think about heading for the "happy hunting ground" before they take it all. I mean, that's only fair right?

"Educate and inform the whole mass of people. They are the only sure reliance of the preservation of our freedom."
-- Thomas Jefferson

Edited by - mountainguy on 12/22/2010 3:26:57 PMGo to Top of Page

William R. Jenkins

USA
3545 Posts

Posted - 12/22/2010 :  3:59:06 PM  Show Profile  Visit William R. Jenkins's Homepage  Reply with Quote
MG,Buddy Buffie and me share the same coins.The tax system here needs a lot of revision and improvement.I have heard of a flat tax so long that I am flat out of hope.I am more effected not by who pays and how much as what is done with the money after it comes to the hands of our so-called leaders,such as billions were squandered in Afganistan and Iraq.For your info I will be saying so long to Blairsville and the holy land of north georgia on the 30th of this month.Nixon said ,after losing an election for gov,of Ca.,the local ignorants won't have WRJ to kick around and call evil anymore.In essence I will be going to the happy vacation land,Florida.Home of pretty women and intelligent men.WRJ

William R.JenkinsGo to Top of Page

Tony

United States
5 Posts

Posted - 12/23/2010 :  9:26:35 PM  Show Profile  Visit Tony's Homepage  Reply with Quote
Florida's intelligent men part might just be getting ready to take a hit on the minus side.

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Wildflower

USA
4528 Posts

Posted - 12/24/2010 :  12:51:32 AM  Show Profile  Reply with Quote
quote:

I am more effected not by who pays and how much as what is done with the money after it comes to the hands of our so-called leaders, such as billions were squandered in Afghanistan and Iraq.

Yes, they've proven to be so responsible with our money. How many billions did they say the Pentagon lost and can't even account for?

By all means, let's give them more.

quote:
In essence I will be going to the happy vacation land, Florida. Home of pretty women and intelligent men.

I always thought it was the home of intelligent women and pretty men!

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shucks


2145 Posts

Posted - 12/24/2010 :  1:21:21 PM  Show Profile  Reply with Quote
I really do not have a dog in this fight, just my 2cents worth.

Corporations do not pay tax, individuals do.

I have to side with WRJ on this one. I must be living on another planet. I do not complain about the cost of gas or taxes. It beats walking!!

I have to confess, I haven't paid any income tax for the last 20 years. All legal,Ifile every year. Just my classification number. Most people do not take advantage of all the tax deductions available to them.

Merry Christmas everyone.ShucksGo to Top of Page

mountainguy

USA
2247 Posts

Posted - 12/27/2010 :  1:40:52 PM  Show Profile  Visit mountainguy's Homepage  Reply with Quote
You really need to wake up. The government is stealing your hard earned wages. Even if you pay no tax at all, everyone pays the inflation tax. Every time the govt. spends for a stimulus the value of your dollars goes down. It literally cost you more for the goods and services you buy.

By the way WF it was 2.3 TRILLION that the military lost. How in h*** does the govt. lose 2.3 trillion dollars? You don't lose 2.3 trillion, it was stolen.

It's a criminal organization run by a banking cartel. Wake up!!!!

News Flash: it's only a matter of time before they come for your pension and social security.

"Educate and inform the whole mass of people. They are the only sure reliance of the preservation of our freedom."
-- Thomas Jefferson

Edited by - mountainguy on 12/27/2010 1:44:31 PM

Edited by - mountainguy on 12/27/2010 1:46:55 PM

Edited by - mountainguy on 12/27/2010 1:48:07 PMGo to Top of Page

Wildflower

USA
4528 Posts

Posted - 12/27/2010 :  4:21:59 PM  Show Profile  Reply with Quote
quote:

Corporations do not pay tax, individuals do.

Before there was a broad income tax, only corporations were expected to pay taxes. There was no intention for individuals to pay taxes whatsoever.

Even when individual income taxes were enacted, corporations paid more of the income tax. It's only been in the last few decades that the balance has changed.

Just because you are used to it does not make it historical or right. More of the family budget goes to Washington now. It's a major reason that so many families must have two incomes. Being home to raise ones own children is now a luxury. It takes two incomes just to pay the larger taxes.

I wouldn't call that a good change.

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William R. Jenkins

USA
3545 Posts

Posted - 12/27/2010 :  5:23:39 PM  Show Profile  Visit William R. Jenkins's Homepage  Reply with Quote
Flower.I believe the cost of defense spending and wars have had the most effect on the increase of income taxes.Also immediately after ww-2 industry turned from supporting the war to consumer goods,that one wage earner could hardly afford,consequently to obtain these goods the wife had to leave her natural obligations and responsibilities and join the work force.WRJ

William R.JenkinsGo to Top of Page

mountainguy

USA
2247 Posts

Posted - 12/28/2010 :  09:25:27 AM  Show Profile  Visit mountainguy's Homepage  Reply with Quote
HERE IS YOUR INFLATION TAX

111th Congress Added More Debt Than First 100 Congresses Combined: $10,429 Per Person in U.S.
Monday, December 27, 2010
By Terence P. Jeffrey

(CNSNews.com) - The federal government has accumulated more new debt--$3.22 trillion ($3,220,103,625,307.29)—during the tenure of the 111th Congress than it did during the first 100 Congresses combined, according to official debt figures published by the U.S. Treasury.

That equals $10,429.64 in new debt for each and every one of the 308,745,538 people counted in the United States by the 2010 Census.

The total national debt of $13,858,529,371,601.09 (or $13.859 trillion), as recorded by the U.S. Treasury at the close of business on Dec. 22, now equals $44,886.57 for every man, woman and child in the United States.

In fact, the 111th Congress not only has set the record as the most debt-accumulating Congress in U.S. history, but also has out-stripped its nearest competitor, the 110th, by an astounding $1.262 trillion in new debt.

http://www.cnsnews.com/news/article/111th-congress-added-more-debt-first-100

"Educate and inform the whole mass of people. They are the only sure reliance of the preservation of our freedom."
-- Thomas JeffersonGo to Top of Page

   
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