The mammoth government agency known as the IRS will implement rules hidden in the depths of ObamaCare to dig deeper into minute business transactions in search of "hidden" transactions in the hope of pulling in more tax revenue for the Federal Govt, read it all here.
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.
Let's say you own a Landscaping business, you have two employees and you buy gasoline, parts, equipment, supplies from a dozen different vendors over the year. As part of your tax process you have to issue all these 1099's. That means you have to gather all this info, segment the transactions, total them up, fill out the 1099's, and issue them.
What does any of that activity add to value of your business?
Nothing.
Again, the IRS is a massive intrusion on the American people and American business.
Revenues could be collected with a National Sales Tax or Fair Tax and the IRS and all its forms could become history.
But they LIKE to know what you are doing!
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