Barackracy

I was talking with my wife about the newest wave of rules and regulations that Washington is imposing on us, such as this doozy:"An all-but-overlooked provision of the health reform law is threatening to swamp U.S. businesses with a flood of new tax paperwork," reports CNNMoney.com:Section 9006 of the health care bill--just a few lines buried in the 2,409-page document--mandates that beginning in 2012 all companies will have to issue 1099 tax forms not just to contract workers but to any individual or corporation from which they buy more than $600 in goods or services in a tax year.The stealth change radically alters the nature of 1099s and means businesses will have to issue millions of new tax documents each year.This means more work for corporate accountants. Much worse, though, is the demand on small businesses, including freelancers:Under the new rules, if a freelance designer buys a new iMac from the Apple Store, they'll [sic] have to send Apple a 1099. A laundromat...(Read Full Post)

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