NEW… Wednesday Night Show Starts TODAY!
Filed Under Main Content, Politics & Policy, The Economy, The Markets, The Week Ahead
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Tonight’s Special Guest … Bill McKinley & Jeffrey Brewer
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Towards the end of the show there was a brief discussion on the new $600 reporting requirement to the IRS. I did a little research and found a law firms website that discussed it. Beginning Jan 1, 2012 all goods or services sold to a business will be issued a 1099 form from that business. Which means if you as an individual buy something where you think you will sell to a business in the future for $600 or more you will need to keep a record of that purchase. Otherwise, you will be taxed on the entire selling price of that item. The 1099 form will only be issued by businesses that have bought goods or services at or over $600. This could end up being a record keeping nightmare. Which will result in higher prices for goods that will have a selling price of $600 or more sometime in the future.
Thanks Alan