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Obama Administration's Small Business Policies Are Nothing to Cheer About .....

Aug 08, 2010 1:55 pm

re: re: Obama Administration's Small Business Policies Are Nothing to Cheer About .....

Scott Wolpow

There is now a law that requires all businesess to collect a 1099 for any vendor they:

Payments of $600 dollars or more to contract employees, independent contractors and/or consultants, physicians, physician's corporation, or other providers of health or medical services, purchases of fish for resale, and crop insurance proceeds
• Payments of $10 or more for royalties, substitute dividends and tax exempt interest
• Payments of any amount to attorneys and crew-members of fishing boats
• Payments of any amount to persons subject to the backup withholding rules
• Sale of $5,000 or more of consumer products for resale anywhere other than a permanent retail establishment

This is a lot of extra paperwork for the small business owner.

Private Reply to Scott Wolpow (new win)

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