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In other words, it was a good bill, but the Reps weren't allowed load it with irrelevant amendments - and rather than see a good piece of legislation pass, they decided to be petulant.
Sounds about right to me.
For the life of me I do not understand why it's so crucial to Republicans for businesses not to have to report vendor payments in excess of $600.00. Any business that practices good bookkeeping, especially if they're using software like Quickbooks, should be able to generate those in 10 minutes. I've been doing it for 10 years and I fail to see how it could possibly be considered a burden.
Yet by eliminating that requirement, the government stands to lose millions of dollars in tax revenue because unscrupulous contractors won't bother to report their income properly, since they would no longer have to worry about their customers telling the government what was paid to them.
So Republicans scream about how everything should be paid for (except their wars and Medicare Part D and so forth), but want to get rid of one of the easiest ways we have to keep track of what's owed the government? How does that make sense in anyone's world?
For the life of me I do not understand why it's so crucial to Republicans for businesses not to have to report vendor payments in excess of $600.00. Any business that practices good bookkeeping, especially if they're using software like Quickbooks, should be able to generate those in 10 minutes. I've been doing it for 10 years and I fail to see how it could possibly be considered a burden.
Yet by eliminating that requirement, the government stands to lose millions of dollars in tax revenue because unscrupulous contractors won't bother to report their income properly, since they would no longer have to worry about their customers telling the government what was paid to them.
So Republicans scream about how everything should be paid for (except their wars and Medicare Part D and so forth), but want to get rid of one of the easiest ways we have to keep track of what's owed the government? How does that make sense in anyone's world?
Filing the 1099 for purchases over $600 is a NEW requirement.
It was part of the healthcare bill that just passed.
And for some small businesses, the additional paperwork (on top of new paperwork) could be a burden to them.
The party of "no" has again blocked a bill with the sole intention of denying the democrats a win before the midterms. The reason given was that the dems refused to add several "relative" amendments to the bill. Examples of the "relative" amendments included the estate tax, nuclear loan guarantees, border security and the expiring Bush tax cuts.
The bill would have created a $30 billion lending program within the Treasury Department, to be administered through local banks. It would also provide more than $12 billion in tax breaks, and would expand or enhance existing lending programs. It's laughable that the republicans advertise themselves as the party that supports small businesses. http://www.nytimes.com/2010/07/30/us...gewanted=print
Is this the entire bill word for word, or just part of a bigger bill, with a lot more government take over of the economy?
Why is the treasury department, trying to become a bank?
To burn inflated $$$???
Is this the entire bill word for word, or just part of a bigger bill, with a lot more government take over of the economy?
Why is the treasury department, trying to become a bank?
To burn inflated $$$???
They took over student loans.
Now they will take over small business loans.
And we know what they are doing with mortgages.
And they have a 60% interest in auto so that means auto loans.
The one area they haven't dived into yet is CC.
Waiting for that government issued Credit Card app to come in the mail.
Filing the 1099 for purchases over $600 is a NEW requirement.
It was part of the healthcare bill that just passed.
And for some small businesses, the additional paperwork (on top of new paperwork) could be a burden to them.
RUBBISH. I've been preparing 1099s for vendors I've paid over $600.00 to for 10 years. And having been the Business Manager (which included all the bookkeeping), I can assure you there is absolutely no "burden" to them. They take like 10 minutes once a year. Big friggin' whoop.
So basically they denied tax-funded loans who would be middle-manned by local banks. Didn't the democrats just rail against this same thing when they took back government loans to students, but now want to do the same thing with small business loans? Until what, then they decide they will be the sole loaner to small business'? Wasn't the bailout bill supposed to fix the credit freeze 2 years ago anyway?
Sum total is whining about being blocked for the same thing they voted against meanwhile the origianl plan failed.
RUBBISH. I've been preparing 1099s for vendors I've paid over $600.00 to for 10 years. And having been the Business Manager (which included all the bookkeeping), I can assure you there is absolutely no "burden" to them. They take like 10 minutes once a year. Big friggin' whoop.
Then do you know what is in the healthcare bill that makes this different ?
I'm assuming you know since it takes effect 1/1/2012.
I thought I was a new requirement..the 1099.
Edit: I found it. 1099 was for contract labor previously. This new requirement is for goods purchased.
This is a tax change that takes effect in 2012.
http://money.cnn.com/2010/05/05/smal...re_tax_change/
"Section 9006 of the health care bill -- just a few lines buried in the 2,409-page document -- mandates that beginning in 2012 all companies will have to issue 1099 tax forms not just to contract workers but to any individual or corporation from which they buy more than $600 in goods or services in a tax year."
Then do you know what is in the healthcare bill that makes this different ?
I'm assuming you know since it takes effect 1/1/2012.
I thought I was a new requirement..the 1099.
Edit: I found it. 1099 was for contract labor previously. This new requirement is for goods purchased.
This is a tax change that takes effect in 2012.
Health care law's hidden tax change to launch 1099 avalanche - May. 5, 2010
"Section 9006 of the health care bill -- just a few lines buried in the 2,409-page document -- mandates that beginning in 2012 all companies will have to issue 1099 tax forms not just to contract workers but to any individual or corporation from which they buy more than $600 in goods or services in a tax year."
It also adds the requirement that you report payments made to Corporations, which were previously excluded.
BUT. . . the IRS hasn't written the new regulations that would encompass these changes, and they have some leeway in both writing and enforcing them.
AND. . . as I said, it's about a 10 minute process for a small business if they use good accounting/bookkeeping software and collect all the required information the first time they use a vendor (tax ID, correct mailing address, 1099 eligible) and enter it into the program. It's a simple, simple function that requires you to click a menu option that says "Reports/Create 1099s". Seriously, if a small business can't keep their bookkeeping records well enough to perform this function, they have no business even being in business in the first place.
It also adds the requirement that you report payments made to Corporations, which were previously excluded.
BUT. . . the IRS hasn't written the new regulations that would encompass these changes, and they have some leeway in both writing and enforcing them.
AND. . . as I said, it's about a 10 minute process for a small business if they use good accounting/bookkeeping software and collect all the required information the first time they use a vendor (tax ID, correct mailing address, 1099 eligible) and enter it into the program. It's a simple, simple function that requires you to click a menu option that says "Reports/Create 1099s". Seriously, if a small business can't keep their bookkeeping records well enough to perform this function, they have no business even being in business in the first place.
And the government is going to do what with the 1099's I use to report purchases from Office Depot, and the water company, and the phone company, and the gas station, and my property insuror, and my health insuror, and my auto insuror, and the cell carrier, etc. etc.? Do you suppose these entities are under-reporting revenues, and that our 1099's will be of any use? The recipients will not receive 1099's from consumers, or sub-$600 ccustomers, so the 1099's in total will not mean a dang thing. I don't care if it takes you ten minutes or if it takes me a day--it is pointless.
The party of "no" has again blocked a bill with the sole intention of denying the democrats a win before the midterms. The reason given was that the dems refused to add several "relative" amendments to the bill. Examples of the "relative" amendments included the estate tax, nuclear loan guarantees, border security and the expiring Bush tax cuts.
The bill would have created a $30 billion lending program within the Treasury Department, to be administered through local banks. It would also provide more than $12 billion in tax breaks, and would expand or enhance existing lending programs. It's laughable that the republicans advertise themselves as the party that supports small businesses. http://www.nytimes.com/2010/07/30/us...gewanted=print
How is it that this bill didn't pass when Anthony (Green Weeny) Weiner claims that he delivered 94% of their votes? My God, all he needs to pass it in the House is 218 and they can pass anything they want if they all vote for it.
All they want is to get enough Republicans to vote with them that they can show that it was bi-partisan when election time gets here. The only thing they want here is to get some Republicans to vote with them so they can claim bi-partisan later. Yep, they know they can pass anything without any Republican votes at all so they are playing a political game here.
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