Those voices don't speak for the rest of us

[futurebeachbum]

The Amazon example aside, I still don't see why it is so hard - you just enter all the receipts in a computer program - at the end of the year you do a 1099 for all of those that total $600 or more. I bet there's even an app for that. ;-) I already do this to keep track of deductions, mileage, reimbursibles, and spending. Heck I've got spreadsheets for my golf scores and car mpg and those aren't my income source/cash flows.

You should already have a good idea as to what businesses you are already spending $600 or more a year with. Once you get the #s, you just keep using them.

Hmmm, maybe this will make it more attractive to use a local business than an anonymous internet source. ;-)

So you already have the tax-ids and business names & addresses of every entity you will purchase goods from? How about everyone that your employees purchase from as well.

I only have about 80 employees and I can see having to add some bandwidth to manage this. I have employees that may spend months working at customer sites. It will be interesting to keep up with every vendor that they spend money with in other states as well.

To make things even more confusing, credit card purchases may be exempted. If my employee buys something on a CC and files an expense report, I pay him by check. Do I 1099 him as my supplier? Its bizarre.

 

[Geo]

I believe it will be amended and am glad for it. But I still don't think it is that big a deal. Don't folks use Quickbooks? Everytime you receive an invoice or receipt you enter the vendor in QB along with their address, contact info, etc.

You do it once and now that vendor is there in thye dropdown the next time you pay them. All that seems new is the EIN. And if this isn't amended/repealed then I would imagine it would become standard practice for an EIN to be on every invoice/receipt (since everyone would need to get them and give them).

The stat was 200 vendors per business. Two words for you-
college intern

And here is a little secret for you-
elance.com

You can pay someone $4 an hour to track this down for you. But try to limit annual business with them to under $600 so that you don't have to go through the hassle of tracking down their EIN! lol

 

[AlphaCrab]

Boy, how did this bogus Ronald Reagan thread revolving around an "edited" tape attacking the Democratic Party evolve into a discussion on 1099's and Quickbooks?
... Somewhat related I guess, yes, but a thread like this need to be managed or "corraled" a bit better, IMO, to keep it on topic.

 

[Sheila]

Boy, how did this bogus Ronald Reagan thread revolving around an "edited" tape attacking the Democratic Party evolve into a discussion on 1099's and Quickbooks?
... Somewhat related I guess, yes, but a thread like this need to be managed or "corraled" a bit better, IMO, to keep it on topic.

Yes, because this is the first thread in this forum in particular that has ever turned into a . Please people! Stick to the topic, whatever it was.

 

[scooterbug44]

It's a politics thread where people are actually having a discussion instead of name calling and flaming - that in itself is rare enough that straying from the original topic is minor IMO.

 

[30ashopper]

I believe it will be amended and am glad for it. But I still don't think it is that big a deal. Don't folks use Quickbooks? Everytime you receive an invoice or receipt you enter the vendor in QB along with their address, contact info, etc.

You do it once and now that vendor is there in thye dropdown the next time you pay them. All that seems new is the EIN. And if this isn't amended/repealed then I would imagine it would become standard practice for an EIN to be on every invoice/receipt (since everyone would need to get them and give them).

The stat was 200 vendors per business. Two words for you-
college intern

And here is a little secret for you-
elance.com

You can pay someone $4 an hour to track this down for you. But try to limit annual business with them to under $600 so that you don't have to go through the hassle of tracking down their EIN! lol

Can I have your social security number Geo? PM it to me please. I'd like to get it into QuickBooks.

 

[Geo]

Can I have your social security number Geo? PM it to me please. I'd like to get it into QuickBooks.

My LLC doesn't use my SS#. I have an EIN. If I spend more than $600 with you this year my accountant will send it to you. Like I said, it's so not a big deal.

 

[Mango]

Those without a SS#, please defer to the Born in the USA thread (credit goes to Bruce Springsteen for the song- we don't want to be cited for copyright infringement. (If you disagree or have the need to make this partisan, please defer to the Copyright Lawsuites over copied articles on websites thread)

 

[Lynnie]

My LLC doesn't use my SS#. I have an EIN. If I spend more than $600 with you this year my accountant will send it to you. Like I said, it's so not a big deal.

Someone, either you or your accountant/bookkeeper, will take on this added administrative duty. Someone is going to think it's a big deal.....my guess is the person who handles the actual tasks.

 

[idlewind]

Since I started the thread, let me say I have no problem with the direction the thread has taken. I start threads to provoke comment and debate and hopefully learn something. This thread has succeeded. Only those individuals who are closed minded or strict partisans discourage debate or think they are above learning something. I am conservative/libertarian to the core but I am not partisan and love questions and debate.