I'm guessing that retail purchases don't come under this
new law.
Craig.
At 02:21 PM 7/11/2010, James Richard wrote:
I love this sort of law... like, say I'm running a business and I
buy from my local Wall-Mart more than $600 per year worth of
office/computer supplies and equipment. So now I have to issue a
1099 form to Wal-Mart?
I guess they will exempt big corporations from this provision,
because, as we all know, big corporations always pay all of their
taxes without any hesitation or need for additional reporting to the IRS.
-- JR
Captain Bijou wrote:
Fellow MoPoers:
You may be unaware of nex tax law provisions, 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.
So, if you sell one poster -- or a cumulative total -- over
$600.00 to a fellow dealer, you'll have to send him or her a 1099
in 2012. If you are a dealer, such as myself, and buy over $600.00
from a vendor such as Bruce or Heritage, you will be issued a 1099
to accompany your 2012 tax return.
This new law, as it currently stands, means that I, personally,
will be issuing and/or receiving at least 40-60 1099s in 2012. I
shudder to think how many Bruce, Kirby, Heritage and the rest of my
fellow MoPo members will be receiving and/or sending.
You can read the CNN Money article on this subject by clicking the
below link:
<http://money.cnn.com/2010/07/09/smallbusiness/irs_1099_flood/>http://money.cnn.com/2010/07/09/smallbusiness/irs_1099_flood/
Earl Blair
CAPTAIN BIJOU
<http://www.captainbijou.com>www.captainbijou.com
Visit the MoPo Mailing List Web Site at
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