IRS starts mopping up Congress’s tax-reporting mess. The new regulations, which kick in at the start of 2012, require any taxpayer with business income to issue 1099 forms to all vendors from whom they purchased more than $600 of goods and services that year. That promises to launch a fusillade of new paperwork: An estimated 40 million taxpayers will be subject to the requirement, including 26 million who run sole proprietorships, according to a report released this week by National Taxpayer Advocate Nina Olson.
Just go to the Obama web site and you will see this:
The Solution Get the economy back on track:
President Obama signed legislation to jumpstart our economy, the American Recovery and Reinvestment Act, less than a month after his inauguration. The plan will save or create 3.5 million new jobs, make critical investments in our infrastructure and give 95 percent of working Americans a tax cut.
HOW IS ALL THAT jumpstart WORKING FOR YOU. Now the Obama and Democratic Congress have decided to make the business of business even harder and more expensive… WHY?
Read this article.
http://money.cnn.com/2010/07/09/smallbusiness/irs_1099_flood/
