Top Democrat backs 1099 requirement repeal

Posted by carbocation on Saturday November 13, 2010 @11:19PM
from the money.cnn.com dept.

http://money.cnn.com/2010/11/12/smallbusiness/baucus_1099_repeal/index.htm

( 10 comments | 33 points | on HN )

Re:Top Democrat backs 1099 requirement repeal by waterlesscloud on Sunday November 14, 2010 @12:45AM (#1902638)

It's interesting that the story doesn't mention that Baucus was the one who put it in the healthcare bill in the first place. He's got some good people working for him to pull that PR off.

[ Parent | on HN ]

Re:Top Democrat backs 1099 requirement repeal by jcborro on Sunday November 14, 2010 @12:33AM (#1902615)

I was shocked to read about this requirement snuck into the health care bill. It is insane.

Can you imagine anyone who buys a computer needing to send HP or Dell a W-9 to request their tax id, then waiting for the response, and then filing a 1099? I can't imagine what was going through the lawmaker's heads.

Pretty much all goods would start to be priced at $599.

[ Parent | on HN ]

Re:Top Democrat backs 1099 requirement repeal by _delirium on Sunday November 14, 2010 @04:49AM (#1902944)

Individuals wouldn't have to file 1099s in any case; if the law went into effect, it'd be only for businesses. It would still be a hassle for businesses buying equipment, but not quite the same as your grandmother having to send Dell a 1099 when buying a home computer.

[ Parent | on HN ]

Re:Top Democrat backs 1099 requirement repeal by jcborro on Sunday November 14, 2010 @12:49PM (#1903663)

yeah, i meant anyone with a business...exactly the people that don't have time for the paperwork. like many of us on HN.

[ Parent | on HN ]

Re:Top Democrat backs 1099 requirement repeal by jambo on Sunday November 14, 2010 @02:19AM (#1902773)

And that would probably be outlawed, like "structuring" currency transactions. http://en.wikipedia.org/wiki/Structuring#United_States

[ Parent | on HN ]

Re:Top Democrat backs 1099 requirement repeal by daimyoyo on Sunday November 14, 2010 @01:07AM (#1902671)

Anyone else notice they didn't realize this requirement was in the bill until months later? I wonder what else is in there.

[ Parent | on HN ]

Re:Top Democrat backs 1099 requirement repeal by ahi on Sunday November 14, 2010 @01:04AM (#1902663)

I suspect this will end up being repealed a month before it is scheduled to go into effect, with half a dozen riders attached.

[ Parent | on HN ]

Re:Top Democrat backs 1099 requirement repeal by iWhatever on Sunday November 14, 2010 @11:31AM (#1903498)

Since the 1099 requirement was put in to recover more revenues and improve the healthcare bill's financial justification, if that requirement is repealed, should Congress re-evaluate the healthcare bill based on the new (worse) numbers?

[ Parent | on HN ]

Re:Top Democrat backs 1099 requirement repeal by camz on Sunday November 14, 2010 @12:05AM (#1902575)

Regardless of whether they repeal this portion of the Obamacare bill won't make a difference. Practically, the IRS is ill equipped to handle the flood of 1099s of taxpayers actually obey the letter of the law. lol. The only way they could handle this type of data and paper is if they require everyone to efile by law and eliminate paper totally.

[ Parent | on HN ]

Re:Top Democrat backs 1099 requirement repeal by dennisgorelik on Sunday November 14, 2010 @04:45AM (#1902939)

I guess Democrats learned from November 2010 defeat and now would focus on what they were elected for in 2008 -- cleaning up mess in Iraq.

[ Parent | on HN ]