This gives me a headache, shouldn't the health care system make me feel better? I for one think it's time to repeal the health care bill and really work to improve our economy instead of putting more on the backs of small business.
Thursday, September 16, 2010
Are you kidding me?
I am not sure how many people are aware of this, but as part of Health Care Bill all businesses will be forced to issue 1099 forms to all vendors whom they spend in excess of $600 annually. Currently businesses are not required to report this information unless they pay an unincorporated subcontractor. I can see that the goal of the government is to track more of the money moving in the economy, but this is crazy! Small business owners are now forced to track information for all purchases so they may be in compliance at year-end. The old shoe box full of receipts dropped off at the accountant on April 1st will be a huge problem. The fines for not issuing the mandatory forms is drastic so unless Congress changes the law, business owners better get in line for compliance. Speak to your accountant and we can assist in setting up the necessary tracking mechanisms to keep you out of trouble. This had nothing to do with health care, but more to do with raising money for the government so Congress can say the cost of the health care plan is reduced. Looks like we are all going to pay even more for the health care debacle.