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Tuesday, August 31, 2010

1099 Required - Business Purchases $600 plus

Well, just as I reported in a Letter To The Editor in the past, here comes a hidden oops in Obamacare. From now on all businesses will have to provide a 1099 Miscellaneous Income form to every company that they purchase anything $600 or more. This will be one of the biggest business killer rules ever enacted.

The rule was obviously created by someone who has never owned or worked for a business. The regulation will cause all businesses to hire extra employees just to comply with this.

More will be written on this in the future, and I will follow it for you, letting you know when this goes into effect. But it will be a huge job buster as more and more businesses leave this country due to onerous regulation like this idiocy.

Obama, for crying out loud, don't you know anything about businesses?

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