[APG Public List] Form 1099
dougb81042 at gmail.com
Mon Jul 19 20:22:56 MDT 2010
If memory serves me right there was a discussion on the list about who and
what conditions called for a 1099 to be issued.
Saturday July 17th Wall Street Journal had a column by Laura Saunders called
Tax Report on this topic based on the latest rules to help fund the health
Executive summary is that it appears that ANYBODY, including big box stores,
which you pay more than $600 to for supplies will have to be issued a 1099.
Furthermore if they will not give you their tax id number you are supposed
to withhold 28% and send it to the IRS.
Don't understand this but the article says one way around this is pay with a
credit card. This does not allow for the benefit of paying cash nor the
fact that sometimes suppliers say 90 days same as cash.
If you think this will impact you I would go to the library and read this
article and then huddle with my accountant.
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