Article

2010-05-05 Economy

Costly IRS Mandate Slipped into Health Bill

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Posted by Beavis 2010-05-05 09:08|| || Front Page|| [11127 views ] Top

#1 I'm stunned that there wasn't a broader debate before such a costly mandate was enacted.

Stunned I tell you, STUNNED!

Posted by Besoeker 2010-05-05 09:41|| 2010-05-05 09:41|| Front Page Top

#2 If the Republicans do not win enouhg seats and roll this back in the Fall, then revolution is coming. People are going to die, especially politicians that imposed this, if that happens.

Posted by No I am the other Beldar 2010-05-05 09:53|| 2010-05-05 09:53|| Front Page Top

#3 Maybe they'll read the bill next time....

Nah.

Posted by DarthVader 2010-05-05 11:28|| 2010-05-05 11:28|| Front Page Top

#4 "the term "payments" includes gross proceeds paid in consideration for property or services"

If I read this correctly, required then for:

Rent, Utilities (Electrical & Nat. Gas), Fees (Storm-water, Sewer, Garbage Collection, etc.), Municipal/County/Township Taxes for 'Services', Fire Protection Inspections, Elevator Inspections, Snow-Plowing (where we are anyway), LP/Fuel Oil Refills, yadda-yadda-yadda.

All would be considered 'payees'.

Jeez-Louise!

Posted by Mullah Richard 2010-05-05 13:10|| 2010-05-05 13:10|| Front Page Top

#5 i see this as a new 'jobs program' think how many IRS personnel will be needed to verify the forms. Business will hire additional workers to comply with filing all these forms.

almost like something out of the movie Brazil

Posted by abu do you love 2010-05-05 13:15|| 2010-05-05 13:15|| Front Page Top

#6 I have my 'screen magnifier' already, Abu.

Probably because I'm getting older, though.

Posted by Mullah Richard 2010-05-05 14:03|| 2010-05-05 14:03|| Front Page Top

#7 how many IRS personnel

17,000

Posted by ed 2010-05-05 14:10|| 2010-05-05 14:10|| Front Page Top

#8 I believe this is part of a stealth implementation of a VAT.

This will not be an immense burden on business. In fact it will make life easier. In the past companies had to decide whether a vendor is or is not a 1099 vendor at vendor set up. Now all vendors will be 1099'd. The hassle will be obtaining and entering the EINs, but after that is done, the problem will lie with the IRS which will receive and have to process the 1099s.

Send them in paper, not electronically. And send in your tax return handwritten with amounts to the cent.

Posted by Nimble Spemble 2010-05-05 14:47|| 2010-05-05 14:47|| Front Page Top

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