[FoRK] 1099 will end the world in 2012
aaron at bavariati.org
Mon Jul 26 10:03:48 PDT 2010
(I vowed not to do this, but...)
On Mon, Jul 26, 2010 at 08:11:35AM -0500, Jeff Bone wrote:
> Hey Aaron, would you mind sending me a pointer to the version of
> Quickbooks or Peachtree that you're using that looks up tax ids and
> filing addresses in some magical central database and simultaneously
> sends the 1099s to vendors and amends your own filing accordingly?
The version that says, "I don't have tax-ID info for these 10 vendors."
So you call the vendors. And next year, you remember to ask for tax IDs
for new vendors. Not that most businesses add vendors much, AFAIK. (Just
going by the various small businesses I've been associated with.)
> (If your biz is small enough NOT to need a tax accountant, (a) no big,
> but (b) you may well need one now.)
If you actually have taxes owed, you need a tax accountant to fix that. :)
> As for the credit card exemption, (a) massive contraction lately, this
> represents a massive reduction in SMB float over direct eg net 30 terms,
You'd think the banks would be *grateful* we gave them all that cheap
credit, and that they'd loosen up the lending. Turns out they're greedy
and conservative, and waiting for higher lending rates. Who'da thunk?
> (b) the latter accounts for most biz spend at even modest scale, and (c)
> just what we need, more credit card debt, even if it's short term.
Agreed on both points. (b) is already covered, since usually you'd only
have Net-30 with a few vendors, and may already have a reporting requrement
(heck, if you're unlucky enough to live in a sales-tax state, you're
already slinging tax-ID numbers everywhere.)
And (c) is a short-term annoyance and a long-term evil IMHO.
> Sure, this is totally harmless.
No, just not worth the "OMG THE END OF SMALL BIZ0RZ!" hype.
> Apologists, grrr...
Don't get me started.
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