It says it starts 2012 on that website
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It says it starts 2012 on that website
There's nothing more fun and more effective than hitting something repeatedly with a sledgehammer
Experienced Scrapper
What I mean by "it wont be a big deal" is that it won't be a big deal for scrappers. All we have to do is wait to get the scrap yard's 1099 at the end of the year.
It does start in 2012.
But what nobody has considered is that IRS has yet to explain what their rules and regulations will be for implementing the new law... For example, currently the IRS considers "merchandise" an exception to the 1099. We have yet to hear what their rules will be regarding the 1099 in 2012! They haven't yet come out with their rules, and it may have something to do with their uncertainty of weather or not the law will be repealed.
Last edited by TheMetalizer; 01-17-2011 at 09:26 PM.
Metal Recycling Entrepreneur
From a news story, on attempted repeal of the health care bill:
Now, that's only in the House of representatives, not the Senate yet, as I understand it.Another amendment to the same bill, sponsored by Sen. Debbie Stanbenow (D-Mich.), called for repeal of a provision in the health care law that requires businesses to report to the IRS every vendor with whom they have at least $600 in transactions.
Deemed cumbersome and unnecessary, the so-called "1099 requirement" was cited by President Obama in remarks last year addressing how to improve the health care law (in lieu of repeal). The Stanbenow measure passed with broad bipartisan support by a vote of 81 to 17.
Experienced Scrapper
Actually the Senate is the one that backed the 1099 repeal yesterday. Great news! Here is a link: http://www.bizjournals.com/baltimore...99-repeal.htmlOriginally Posted by Ditchdigger
Metal Recycling Entrepreneur
Duh. Yeah, I gues Sen. Debbie Stanbenow would be in the senate, wouldn't she?
Metal Recycling Entrepreneur
Great now we dont have to worry about that crap next year lol.
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Kris Kringle, do you need grief counseling to facilitate the grieving process?
People may laugh at me, but that's ok. I laugh all the way to the bank.
Experienced Scrapper
An LLC doesn't get you out of paying personal income tax. If you incorporate, you'll pay yourself a salary right? Don't get me wrong, there are some tax benefits to be looked at, but don't think that forming an LLC will bring your taxes down from 30% to 7-8%.
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Does this mean that at the end of the year I have to send Wal-Mart a 1099 because I bought 600 dollars worth of toilet paper too?
Experienced Scrapper
I hope its dead, haven't looked into it in a while....but I have to agree with ferrailleur, I don't think a 1099 would be a big deal, I file one every year also, in additional to my regular w4, have for the last 4 years for my side job I run...
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This wasn't about filing a 1099 with the IRS. It was about ANYONE who BUYS or SELLS more than $600 worth of anything from or to anyone or any business having to send that person or business a 1099. Every business you buy from (think WalMart and Staples). Everybody who you pay over $600 for scrap metal. You would have to get their name, address and tax ID #; keep it on file and send each a 1099 every January. Or have a tax service do it for you.
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Sending 1099's is nothing new, it's part of the paper trail you need to have in place if you are going to write off money you have paid out to others. Now if you don't get one from someone that paid you, then you will have to decide for yourself if you are going to claim that money. At this point I take the 5th.
Recyclable Material Merchant Wholesaler
Certified Zip-Tie Mechanic
"Give them enough so they can do something with it, but not too much that they won't do nothing."
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