[Hidden-tech] 1099 law update?

Don Lesser dlesser at ptraining.com
Mon May 2 17:28:13 EDT 2011


How does this work--my understanding is that 1099s are for unincorporated
entities. Staples, Costco, etc. are all incorporated. 

Don Lesser
Pioneer Training, Inc.
139B Damon Road, Ste 8
Northampton, MA 01060
(413) 387-1040
(413) 586-0545 (fax)
dlesser at ptraining.com
www.ptraining.com

-----Original Message-----
From: hidden-discuss-bounces at lists.hidden-tech.net
[mailto:hidden-discuss-bounces at lists.hidden-tech.net] On Behalf Of R. David
Murray
Sent: Monday, May 02, 2011 3:57 PM
To: David Korpiewski
Cc: email list Hidden-Tech
Subject: Re: [Hidden-tech] 1099 law update?

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On Mon, 02 May 2011 11:18:00 -0400, David Korpiewski <davidk at cs.umass.edu>
wrote:
>    As I'm sure most of you know, there is a "hidden" 1099 law that was 
> put into the health care reform act signed by Obama.   I have heard that 
> anything over 600 dollars purchased with the intent to write off 
> against taxes needs to be 1099'ed back to the store it was purchased 
> from.  So for example buying a laptop computer for 601 dollars from 
> Costco requires that we 1099 Costco at the end of the year.
> 
> I have some questions:
> (1) when do we start having to do this?
> (2) Any good tips and/or software to manage this?
> (3) How does one file a 1099 on their own?
> (4) Is it cumulative? Meaning if I buy a 300 dollar laptop in June and 
> a
> 302 dollar printer in September, do I still send the 1099?

I'm not an accountant, but from what I understood from the workshop given by
an accountant through the MSBHC, the answer to your last question is yes.

Which is...really nasty.  I wouldn't want to be Staples, and I would imagine
their prices are going to rise if this stays in effect.

He was of the opinion that this law would get struck down or modified before
we had to file, but who knows for sure.

So...talk to your accountant :)

--David
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