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<p>[QUOTE=&quot;Cringely, post: 936733, member: 22271&quot;]This is what I just sent my congressman and senator. Feel free to use any part of it if you want to let your elected representative(s) know your displeasure with the $600 reporting requirement.</p><p>--------</p><p>Dear XXXXXX</p><p><br /></p><p>I am concerned to the recent changes in subsection A of section 6041 of the Internal Revenue Code that were passed as part of the comprehensive health care bill.</p><p><br /></p><p>This will require 1099 reporting of all “Payments of $600 or more: All persons engaged in a trade or business and making payment in the course of such trade or business to another person, of rent, salaries, wages, <span style="color: Red"><b>amounts in consideration for property</b></span>, premiums, …” (item highlighted in <span style="color: Red"><b>red</b></span> as one of the changes to subsection A).</p><p><br /></p><p>As I understand this, it will require anyone engaged in a business, no matter how small and buys an item for $600 or more to file a 1099 form. The implication is that the seller will be required to supply the buyer with sufficient information to file the 1099. My reading of this is that I will now be required to give my social security number whenever I sell something for more than $600 whether or not payment is by cash, check, etc. For the amounts involved, this is a truly stupid idea and needs to be repealed. I can see the requirement for reporting large amounts of cash to prevent money laundering, etc, but at the $600 level, this seems to be massive overkill.</p><p><br /></p><p>In addition, the reporting requirements on the individual and on small business will be overwhelming. The small business that I worked for had hundreds of vendors. Under this provision, they will now be required to generate hundreds of 1099s, creating additional costs that will result in lower profit margins and subsequently less tax revenues something this economy can not afford.</p><p><br /></p><p>Another concern is that this new provision requires that you give the buyer your social security number. Talk about a way to invite identity theft.</p><p><br /></p><p>I strongly recommend that you either support or submit a bill to repeal this provision.</p><p><br /></p><p>Sincerely yours,[/QUOTE]</p><p><br /></p>

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