Remember when Miz Pelossini said "We have to PASS the bill before we can tell you what's IN the bill." ... ? Remember dat ... ? Well, guess what ... Now we get to find out exactly WHAT was in the bill as it dribbles out bit by bit (insert your own analogy for that here) down our national leg ... Look forward to becoming VERY well acquainted with your future friend, Form 1099-K ... Click the link for the entire article ... very interesting ... and scary ...

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http://money.cnn.com/2010/05/21/smallbusiness/1099_deluge/index.htm?source=cnn_bin&hpt=Sbin

Stealth IRS changes mean millions of new tax forms

By Neil deMause | May 21, 2010: 1:51 PM ET


NEW YORK (CNNMoney.com) -- The massive expansion of requirements for businesses to file 1099 tax forms that was hidden in the 2,409-page health reform bill took many by surprise when it came to light last month. But it's just one piece of a years-long legislative stealth campaign to create ways for the federal government to track down unreported income.

The result: A blizzard of new tax forms that the Internal Revenue Service will begin rolling out next year.

"It was actually something that we were following back under the Bush administration under the 2008 budget -- we started to see these kinds of rumblings about the 'tax gap' and whether or not businesses were paying their fair share," says Tom Henschke, president of the Pennsylvania-based SMC Business Councils, which was one of the first organizations to call attention to the health care amendment when it was introduced last fall. "So two administrations can claim credit for this."

The first tax-reporting expansion was buried in a different bill, the Housing Assistance Tax Act introduced by House Speaker Nancy Pelosi and signed into law by President George W. Bush in July 2008. Best known for its first-time homebuyers' credit, the bill also created a new addition to the family of 1099 tax forms: the 1099-K.

The 1099 is a catch-all series of IRS documents used to report non-wage income from a variety of sources like contract work, dividends, earned interest and pension distributions. The new 1099-K aims to shine a light on a currently hard-to-track payment stream: credit cards. Starting in 2011, financial firms that process credit or debit card payments will be required to send their clients, and the IRS, an annual form documenting the year's transactions.

The rule comes with a floor to weed out the most casual retailers: The 1099-K is only required when a merchant has at least 200 payment transactions a year totaling more than $20,000. But it applies to all payment processors, including Paypal, Amazon.com, and others that service very small businesses.

The goal of the new regulations is to catch income that is going unreported to the IRS. The federal government loses an estimated $300 billion each year from the "tax gap" between what individuals and businesses owe and what they actually pay.

the IRS is going to have tax forms for reporting INCOME ?

gosh,, didnt see that coming,,,

Figures these A holes are now trying to pry even deeper into everyone's wallets in any way they can!

Nancy Pelosi is a caniving beyatch! Funny how they are trying so hard to infiltrate the underground economy! The government made it and it got out of their control. Figures these A Holes need to screw the little guy at every turn!

I even mentioned in a previous post I said I bet that congress was up to something sneaky with Health Care reform. Well...


I was right AGAIN!

So does that make me racist too?

That will be $300 billion more for the government to waste..

YEEEEE HAAAAAWWWWWW!!!!!!!!!!

What does the IRS have to do with health care?

Can't a person make a buck under the table anymore?

Screw 'em.

Anything to get $300M out of us! And how much of a dent will this have on the national debt???

Next to none????

Nope that went out the window longggggggg ago. I dare em to try and take my under the table money though, I just dare em.

I'm tired of the corrupt government over taxing the people.

Trust me I'm right there with you, of all of em though the income tax burns me the most since it's stealing our hard earned labor one, and two it's not even a legal law they just make us believe it is (never ratified by all the states).

Hint Hint folks...

The IRS... Corporation...

The Federal Treasury... Not really a government department. An Industry Run governing body under the auspices of government authority??? That isn't legal! it isn't constitutional.

Who handles taxation? Who handles finance?

Not the government!

And yet it still goes on!

It is big banks and lenders. They are the weasels in the hen house. They are the core of this mess! They have fought tooth and nail to maintain the artificial inflation of our economy. Have property values dropped in earnest yet in reaction to the market? not with TARP bailing out the banks. How did that get past congress so fast?

And who was supposed to change all of that???

Now ya know why all those meetings were held behind closed doors and why they locked out the 'pubs ...

Well so much for compassion, lets let all porr kids die cuase ogf no insurance!!! WHEN is the last time a Govt offficail OR fat cat (OR female cat!!) got turned way!!!! Thank God I have morals and care for EVERYONE not just the rich and idiots that dont care!!!

So true. They are all a bunch of criminals. Our country is run by a huge crime syndicate.

There's no shortage of insurance. It's regulations that distort the pricing structure which in turn screw over the customers.

Reminder: Let's keep from getting personal.

Stay on topic; discuss the message, NOT the messenger.

Lori
Lead Moderator for Mingle2

True and perhaps the Gov could let go of some money for education, as well

i agree, Banks, health care corps, Haliburten( Dick cheny ring a bell?) Mr. Paul who even the repblicans know he is a fruit cake? Bless U for pointing that out!!!