Re: Surprise move on tax cuts by Obama
 

[quote=mlmpetert;771917]Good summary of the Tax Act:

[url=http://www.journalofaccountancy.com/Web/20103682.htm]Congress Resolves Many Tax Issues During Lame Duck Session[/url][/quote]

It may be a good summary, but it also proves how convoluted the tax code has gotten and why it needs to be burned and started from scratch.

Re: Surprise move on tax cuts by Obama
 

[quote=CRedskinsRule;771928]It may be a good summary, but it also proves how convoluted the tax code has gotten and why it needs to be burned and started from scratch.[/quote]


Absolutely. Most people cant do their own taxes. Imagine if all credits, deductions, and write offs went away. If there were only like 3 or 4 tiers like 0, 5, 10, and 20% and that was the tax you paid. Life would be so much simplier.

Re: Surprise move on tax cuts by Obama
 

[quote=CRedskinsRule;771928]It may be a good summary, but it also proves how convoluted the tax code has gotten and why it needs to be burned and started from scratch.[/quote]

Well they left that new 1099 law in tact and its going to be a nightmare for some businesses.

Quote
[B][FONT=Arial]Expanded 1099 Requirements[/FONT][/B]
[COLOR=black][FONT=Arial]One major tax issue Congress did not resolve was the expanded Form 1099 reporting requirement. Currently, payments to corporations are excepted from the Form 1099 information-reporting requirements. But starting for payments after Dec. 31, 2011, businesses will be required to file an information return for all payments aggregating $600 or more in a calendar year to a single payee, including corporations (other than a payee that is a tax-exempt corporation). This change was made by the Patient Protection and Affordable Care Act (PL 111-148), enacted in March 2010. In addition, in a change made by the Small Business Jobs Act (PL 111-240), taxpayers who receive rental income from property will be required to issue Forms 1099 to service providers for payments of $600 or more during the year, effective for payments made after Dec. 31, 2010.[/FONT][/COLOR]
[COLOR=black][FONT=Arial][/FONT][/COLOR]
[COLOR=black][FONT=Arial]This law does not hit my business that hard because most of my business is done with the same companies month after month except for a few. My brother in law who has sold his business said if he still had the business he could see them having 2,000 or more 1099's in a given year. Its crazy the burden the government is putting on business. [/FONT][/COLOR]