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Thread: Might be old news, but get ready for 1099-K

  1. #1
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    Might be old news, but get ready for 1099-K

    Just saw this on CNN but it reminds me of another story about some affiliate marketer guru getting fined millions for not sending 1099 forms to each one of his thousands of affiliates.

    Stealth IRS changes mean millions of new tax forms
    Stealth IRS campaign mandates millions of new 1099 tax forms - May. 21, 2010

    Excerpts from the article.
    Quote:
    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.

    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.

    In essence, the 1099-Misc is having its role changed from a form for tracking off-payroll employment to one that must accompany virtually any sizeable business transaction. "Just with business travel it would include hotels, rental cars," Henschke says. "Phone service: 1099. Computer service: 1099. Whoever does your postage meter: 1099. You do a little advertising, Yellow Pages: 1099. Your landlord: 1099. You might as well just keep them in your pocket and hand them out as you go around every day."

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    Quote:
    Originally Posted by papajohn56 View Post
    fuuuuuuck, time to move
    every american is a hostage of the irs -- you can't

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