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Tuesday, August 3, 2010

Obamacare and the 1099 nightmare

Did you know that if you run a bidness and you pay a supplier or contract laborer or some other bidness more than $600 per year for goods or services, that you will be required to file a 1099 form with the IRS? This is the plan under Obabacare.

I can remember back when I ran my own medical office and the nightmare this would translate into today:

1. Telephone bill, well more than $600 per year.....1099 to the IRS on the phone company.
2. Medical supplies,  well more than $600 per year.....1099 to the IRS on the medical supply company.
3. Rent! well more than $600 per year.....1099 to the IRS on the hospital that rented me the building.
4. Office and computer supplies, well more than $600 per year.....1099 to the IRS on the several office supply companies we used.
5. Online billing and internet service, well more than $600 per year.....1099 to the IRS on the online billing company.

Are you getting the picture here? I could probably come up with at least a dozen entities that my small bidness would have had to file 1099's on. Can you inagine the nightmare faced by larger bidnesses? Oh and if you fail to file these 1099's, gues what? PENALTIES! PENALTIES! PENALTIES!

I got this stuff from Neil Boortz. Click HERE to read about it in more detail.

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