First, nothing changes for at least the rest of 2010. Let's look at the back story: The 2008 housing act tried to close some loopholes on 1099 forms for real estate transactions (that definition of "property".) Republicans killed it (although they DID include, and Bush signed, the provision to have Paypal and credit card gross receipts reported to the IRS.) Of course, THAT had nothing to do with HOUSING! And it didn't go into effect until the next president was in office! The "property" reporting was added back in with the same language in the health care bill under "expanded reporting requirements." But THAT had nothing to do with HEALTHCARE! (you see how quickly this is getting messy.) But in a healthcare bill rather than a housing bill, some thought "property" meant EVERYTHING including "business inventory" and buying or selling anything over $600 ("Secret gold coin tax snuck into healthcare bill', "Obama forces us to be tax snitches" ) , and the story started appearing everywhere, all based on the incorrect understanding of the intent of that section. Most bills have a few conflicting or unclear passages. These get fixed when the enforcing agency writes the rules, or sometimes though court rulings. Often the sponsors have to be asked "what did you REALLY INTEND THIS TO DO?" Texas, trying to ban gay marriage, passed a law, read literally, banning ALL MARRIAGE. The law was never rewritten, but it's not interpreted by the state government that way because it would be stupid. Clearly the IRS does not want a form submitted on all these transactions, but they haven't developed any rules yet because the public comment period is still open (until 9-30-2010). You can sent a comment to the IRS here http://www.irs.gov/newsroom/article/0,,id=225029,00.html Of course many of us don't trust the IRS to fix something this obviously stupid. so... You can call your Senator and Congress member and ask them to support S.3578 (Senate) and H.R. 5141 (house) which repeal these provisions without waiting for the IRS to act.
This is some interesting information, but could you clarify how the Republicans are at fault for what happened in congress in 2008? I believe they lost control in congress in 2006. I found your post very informative, but would like clarification on that point. I could seem them killing something but not getting something included in a bill.
I might be 100% wrong, I am just curious, it does not have to turn bad. Most of the post makes perfect sense to me.
No more talk of Democrats or Republicans - period. Discuss the issues at hand, not the political parties.
It is worth re-reading the first post and concentrate on the "property" issue instead of trying to fix blame.
House fails to get enough votes to repeal 1099 provision in health reform law; vote was 241-154, but 264 needed. 239 Dems voted for the 1099 provision; 2 GOP's voted for it, 153 opposed because of other Dem provisions in bill.
Does anyone know if the repeal will be revisited again? I met with my accountant today and discussed the 1099 situation with him. He is still awaiting official IRS guidance on this issue before he will provide any additional guidance himself.
2/13/08 President Bush on Wednesday signed the Economic Stimulus Act of 2008, calling it a "booster shot" for the American economy. "The bill I'm signing today is large enough to have an impact, amounting to more than $152 billion this year, or about 1 percent of the GDP (gross domestic product)," the president said in the brief ceremony in the East Room of the White House. Treasury Secretary Henry Paulson said last week that the Internal Revenue Service planned to send the $300 rebate checks to about 130 million Americans. "They're going to be getting ready to get checks out, and believe me, they will. ... And this is largely going to be done by the time summer's over. And so we're going to move quickly and make a difference," he said Bush praised the quick work of the House and Senate and urged Americans not to "overreact" to the current economic troubles. "In the past seven years, the system has absorbed shocks: recession, corporate scandals, terror attacks, global war; yet the genius of our system is that it can absorb such shocks and emerge even stronger," he said. "In a dynamic market economy, our economy will prosper and it will continue to be the marvel of the world."
hey update involving this... that lawsuit that virginia brought as to it's not constitutional to force people to buy health insurance might make the whole healthcare bill null and void...I heard that a clause was taken out of the health care bill that would keep it from being law if any part of it is struck down something along the lines of "if any part of this legislation is deemed unconstitutional then the rest of the legislation still stays in effect" so basically it sounds like if Virginia wins the suit which the judge gave a green light to move forward to a trial to then the whole thing is gone from the books... the white house is arguing that citizens NOT buying health insurance is considered interstate commerce so that gives them the right to tell you to buy insurance under the interstate commerce power they have it seems like a huge reach to make... I personally hope that virginia wins so we can do away with this 1099 stuff that sounds like a waste of time and effort... Alex
