To: LindyBill who wrote (304769 ) 4/28/2010 12:36:27 AM From: KLP Respond to LB, just about a year ago, you posted a column from Tiger Hawk, about the ways the US Government was going to take more and money from us….just like Gulliver the Free Man was tied down tight by all the stupid little bureaucrats in Lilliputian Land. Looks like these two for sure are going to be enforced….Can anyone even imagine the number of 1099 form that would have to be make out by Large and Small businesses throughout the US??? And how much extra it will cost any business? Information reporting Information reporting on payments to corporations – The proposal would modify existing rules regarding reporting of payments made to corporations. It would require a business to file a Form 1099 to report payments made to a corporation totaling $600 or more in a calendar year. Notably, this provision was included in the Bush administration's FY 2008 and FY 2009 budgets, but was not enacted. The provision would be effective for payments made after December 31, 2009, and would raise an estimated $9.15 billion over 10 years.Information reporting and withholding for contractors – The provision would require a contractor receiving $600 or more from a business to provide a Form W-9 with the contractor's TIN. The business would be responsible for verifying the TIN information with the Internal Revenue Service, which would validate the TIN. Should the contractor fail to provide the appropriate information, the business would be directed to withhold a percentage of gross payments. The flat-rate withholding could be at a rate of 15, 20, 30, or 35 percent, to be selected by the contractor. The proposal would raise $704 million over 10 years, effective for payments to contractors after December 31, 2009....tigerhawk.blogspot.com Message 25638926 1099
