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New 1099 Law Nightmare

May 22nd, 2010 at 06:18 am

Just read about the new law that was sneaked into the health care bill. Now I will have to spend days typing up dozens of 1099 forms each year instead of the usual 1 or 2 forms. What a bookkeeping nightmare for me.

Often employees pick up materials from various suppliers. How do I handle the reimbursements? Do I 1099 the employee for that? How do I handle the charges on the credit card for business expenses? I'm so confused.

Why does the government have to keep on making everything more confusing?! I already resent having to pay somebody else to do my taxes because our situation is too complicated for me to figure it out. This year I had to fork out $375 to a CPA. Business is not good. Savings continues to drain. I'm scared.

Now the government has to pull even more crap to make things worse.

4 Responses to “New 1099 Law Nightmare”

  1. rob62521 Says:

    I hate to say this, but...our tax dollars "at work." Ha! Work for everyone else, but the government folks!

  2. MonkeyMama Says:

    It will never happen. The IRS is not going to implement this - it doesn't make any sense. I wouldn't worry about it.

    I think they will require more 1099s - and this is an opportunity to simplify things (the current rules are ridiculous as is). 1099s for aLL services (including corps). MUCH simpler. Closes the tax gap.

    1099s for all purchases? Pfffft. Ridiculous - but I am not holding my breath on that being a reality.

    If it comes to be i will be working a million overtime hours this january. Wink It just won't happen.

  3. creditcardfree Says:

    I've heard this mentioned before. I'm irritated that things like this get added into other bills. It just doesn't make sense. I hope MM is right that it won't be implemented...even if for your sanity alone!!

  4. Bruce Says:

    There is an EASY cure for this (IRS) sickness. ENACT The Fair Tax!!!
    NO MORE CORPORATE or PERSONAL INCOME TAX!!!
    And and END to the horrendous power of the IRS!!!
    Read more about it here,,,
    WWW.fairtax.org

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