Obamacare Adds A Flood Of 1099’s
This got my attention. In a column by Deroy Murdoch he explained one of the many consequences of Obamacare. More paperwork for us small business owners.
Specifically, ANY vendor you spend more than $600 a year on will require an IRS form 1099 starting in 2012. Whether it’s a graphics artist or Best Buy, it doesn’t matter.
According to Rep. Dan Lungren (R, Calif.)
They will have additional accounting costs that will consume time and money,” Lungren tells [Murdoch]. “They will be required to keep a running tab with every vendor, all the way from restaurants to anything they buy — a piece of equipment, an airline ticket, or a hotel room. And when they reach the $600 threshold, they will be required to file 1099s for each of those vendors.
What is Home Depot going to do with the million 1099’s it receives from all those contractors out there?
Lungren also points out that small business owners will likely do more business with big box stores rather than local businesses to alleviate the paperwork.
My question is what the hell does this have to do with health care? Now we’re starting to find out what was in those 2600 pages.
You know what else is in there?
Atop this, the Galen Institute’s Grace-Marie Turner reports that Obamacare will require employers to evaluate their health plans’ affordability by calculating each employee’s household income, not just that worker’s individual wages. This likely will involve, at a minimum, collecting income declarations from every staff member.
You’ll also have to find out whether they have an 18-26 year old at home and whether they need health care from your company.
Can the government be a bigger pain in the ass of small businesses?
“YES, WE CAN”