Quote Originally Posted by DonSchap View Post
Thanks for the correction, David. I meant to get back to this... and all this paperwork could just dump the economy outright. As it stands, they are trying to get tracking on any sales over $600.00 Heck, that's my base rate for most work.
There you go again, Don, with half-truths and innuendo. That is NOTHING NEW. In the U.S., any business transaction with a non-employee or contractor over $600 should require the paying business to issue a form 1099 and report it to the IRS (it's an informational form). It is up to the recipient to report the income on his or her tax return. So it has been for decades. So quit implying that 1)it's something new and 2)that the government is NOW trying to track everything everyone does like some sort of new conspiracy.
Actually, people are supposed to report ALL income. The only thing is that transactions over $600 for the year are required to issue a 1099.