Not a big problem if you do business using quicken or similar
Reader comment on: 1099 Rules in ObamaCare
Submitted by Lyle (United States), Jul 12, 2010 17:33
If you conduct business by check, and use quicken and the like, and keep a cash log in quicken of who you pay cash payments to, the only item you will not have is the taxpayer id. You need a name and address for a check. At the end of a the year its just a matter of telling quicken to print the 1099s as it should have all the information you need. If you conduct business without quicken or equivalent today on a cash basis you are at least able to cheat. (Look at the folks in south la who can't prove their income to get aid because of the spill because they conduct business in cash). The logic is really to move most business to checks and credit cards (credit card payments will be handled via the new 1099 for credit cards from banks, which is just a little software change for the banks.
Note: Comments are moderated by the editor and are subject to editing.
Other reader comments on this item
Comment on this item