Repeal Mandatory 1099 for every vendor

[Tom]

PPA - Help Repeal the 1099 Reporting Requirement

Check out this link. It will automatically send a email to your congressman about this.

What it basically says is that you have to send a 1099 to any company/vendor you spend $600 or more with. Which means you have to get their tax info, fill out forms, and do a whole lot more paperwork.

Just thinking back on my year:
I bought lights from B&H Photo
I bought some gear from Adorama.
I bought a lens from Druys.
I bought a camera from Jim Victory on here.
I bought a camera from Tri on here.
I bought a bunch of albums from Forbeyon.
I bought a bunch of prints from Millers.
I bought a bunch of prints from WHCC.
I bought a bunch of prints from BayArea.
I bought a lens from a guy on Sportsshooter in Idaho.
I bought strobist stuff from mpex.
I bought a lens from keh.com.
I bought a couple of think tank bags and some odds and ends from Houston Camera Exchange.
I bought a ton of stuff from Amazon.
I've hired a few second shooters and assistants.
I've paid my cell phone bill with Sprint.
I bought software through a few different places. CS5!.
I bought an iMac.
That's just off the top of my head.
Gas from Shell and Exxon?
Food, wine, and other stuff from Costco?
I bought office furniture from Ikea.

So under the current bill, I would have to go get the tax IDs from each individual person/corporation and then fill out 1099s. HUGE time waste on small businesses and something that will really kill each of us every year.

[Phisch]

Thank you!!!

[JohnT]

Thanks. There's enough crap to have to keep up with as it is without adding this burdensome task.

[revjvegas]

Email sent.

[w9ctm]

Email sent.......

[dracula02]

E-mail sent!

[DoublyDan]

+1 email sent.

[Cajungaltx]

Email sent!

[peeker]

sent...

[andyz]

From the American Bankers Assoc:

The Senate late last week passed the Federal Aviation Administration reauthorization bill (S. 223), which includes an ABA-backed amendment that would repeal a provision in the healthcare law requiring businesses to file Internal Revenue Service Form 1099 on every annual purchase of goods from a vendor above $600. The amendment, added to the legislation Feb. 2, would direct the Office of Management and Budget to find unspent federal discretionary funds to cover the cost of repeal.

The House Ways and Means Committee on Feb. 17 also approved a bill (H.R. 4) that would repeal the 1099 requirement.


=====

So this isn't a done deal, but it is making progress.

[XtremePhoto]

According to PPA the push to repeal this failed:

"Contrary to expectations, the U.S. Senate voted not to repeal the 1099 reporting provisions incorporated into the law in March 2010. The two 1099 amendments we mentioned in yesterday’s update were brought to the floor that very afternoon. The amendments put forward by Sen. Mike Johanns (R-NE) and Sen. Ben Nelson (D-NE) were each met with opposition from only a slight majority and failed to pass."

Senate Votes No on 1099 Repeal Amendments | Professional Photographers of America

-G-

[andyz]

I would assume there are multiple attempts to change this. S223 is one.

[Tom]

Originally Posted by andyz

I would assume there are multiple attempts to change this. S223 is one.

Yes. Obama even said it was ridiculous and hurt the small businessman. Yet he signed it into law.

I dislike all politicians equally.

[BenE]

I am not sure when the PP A information was placed online, however as of 2/18, the senate has voted yes to the repeal that part, according to this:

Tax Watch - Get the latest tax news from Thomson Reuters - RIA


http://www.modernhealthcare.com/arti...NEWS/302199996


The entire repeal of the bill failed, but the 1099 reporting was repealed.

http://news.firedoglake.com/2011/02/...9-requirement/

[BenE]

double post.. for some strange reason.