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Thread: Health care law's massive, hidden tax change

  1. #61
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    Re: Health care law's massive, hidden tax change

    Seriously guys?

    1099s are merely informational reporting. Like 1065s. (anyone afraid of partnership returns, aside from preparing them?)

    If you actually understood the tax system, you should be shivering in your boots about the IRS's push for individual disclosures of uncertain tax positions, aka, FIN 48 for individuals.

    THAT **** is scary.

    Thanks guys for making me feel a whole lot smarter.

    Who's afraid of informational returns? Not I. You guys are. Who's afraid of FIN 48 for individuals? Me. Not you.

    All I need to feel smarter.
    Last edited by obvious Child; 06-24-10 at 03:46 AM.
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    Re: Health care law's massive, hidden tax change

    Quote Originally Posted by ludahai View Post
    Isn't income taxed? I received 1099s (I did some independent contracting work in the US) and I was most certainly taxed on the income...
    And you would have been taxed on it anyways. Or you would have committed tax evasion.
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    Re: Health care law's massive, hidden tax change

    Quote Originally Posted by apdst View Post
    Right. A 1099 show income that hasn't been taxed and needs to have taxes paid on that income. New 1099's means new taxes on income.
    So you're saying that income that should have been reported regardless of whether or not you recieved a 1099 informational report of payments is now being taxed because you got a 1099?

    Do you have any idea of what you talk about? Btw, not paying taxes on income is tax evasion. Maybe we should send an IRS agent over to your house.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

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    Re: Health care law's massive, hidden tax change

    Quote Originally Posted by obvious Child View Post
    Seriously guys?

    1099s are merely informational reporting. Like 1065s. (anyone afraid of partnership returns, aside from preparing them?)

    If you actually understood the tax system, you should be shivering in your boots about the IRS's push for individual disclosures of uncertain tax positions, aka, FIN 48 for individuals.

    THAT **** is scary.

    Thanks guys for making me feel a whole lot smarter.

    Who's afraid of informational returns? Not I. You guys are. Who's afraid of FIN 48 for individuals? Me. Not you.

    All I need to feel smarter.

    We are talking about the tax increases in the health care bill in case you were not following along. Trying to scare people/ change subject to something not remotley connected with the topic seems like a kind of avoidance strawman to me.
    If you are trying to evade taxes, that is not our fault.

    Tax EVASION, NOT tax avoidance, is a crime. Minimizing one's taxes (trying to avoid as much tax as possible) is legal. As explained by Judge Learned Hand over 75 years ago: “Any one may so arrange his affairs that his taxes shall be as low as possible; he is not bound to choose that pattern which will best pay the Treasury; there is not even a patriotic duty to increase one’s taxes.” Helvering v. Gregory, 69 F.2d 809, 810-811 (2d Cir. 1934), aff’d 293 U.S. 465 (1935).

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    Re: Health care law's massive, hidden tax change

    Quote Originally Posted by cholla View Post
    We are talking about the tax increases in the health care bill in case you were not following along.
    Incorrect. You fools think you were talking about tax increases. Informational 1099 reporting doesn't change anything. All it does is report income that was suppose to be reported and taxed independent of the 1099's existence. The only person here who isn't exceedingly ignorant of what a 1099 actually is, besides myself is Redress. The rest of you people are going off about something you clearly don't understand. If you actually were afraid of tax increases, you wouldn't care about 1099 informational reporting.

    Trying to scare people/ change subject to something not remotley connected with the topic seems like a kind of avoidance strawman to me.
    If you are trying to evade taxes, that is not our fault.
    But attacking 1099s is exactly that. We see more then a few people arguing that 1099s is a new tax, despite it actually not being. Furthermore, not reporting the payments reported on a 1099 is tax evasion.

    Tax EVASION, NOT tax avoidance, is a crime.
    And hiding payments that would have been reported on a 1099 is evasion.

    Please, let those who actually understand this topic it discuss it.

    I'm not going to wait for one of your fools to try to explain how reporting payments that were suppose to be reported regardless of the 1099 is a new tax because I realize all of you except Redress have no bloody idea what the hell you're talking about.

    Hence why I feel smarter.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

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    Re: Health care law's massive, hidden tax change

    Couple of things:
    1) To all the bills supporters saying "read the bill" you haven't, and neither did the original author of that "read the bill" statement Nancy Pelosi. I am an insurance professional, I am constantly working/studying/thinking about things as pertaining to the Life/Health insurance and retirement industry. I have contacts that you and the bloggers writing in favor of this bill do not have. Most of the objections raised by the right are solid, if the rhetoric is considered over the top, too bad. Such things the right got correct, including but not limited to:
    a) horrible for health insurance companies in the long term, but even worse for consumers because of the individual mandates.
    b) does increase taxes, anything with an FDA number is subject to tax.....even toothbrushes and dental floss have FDA numbers, as well as defibrillators, pacemakers, and pretty much anything in a hospital such as Tylenol, and staples/thread for closing wounds or post-op procedures.
    c) Massive cuts to medicare and a board approved to determine "best practices" so think England's NICE board in about 10 years, have fun with that festering wound and no recourse.

    2) I speak with compliance on a regular basis and they are describing this piece of **** as a nightmare, even the idiots who authored it don't know what's in it.

    3) For people saying that taxes aren't going up because of the singular 1099 issue, you can drop that now. If you get a benefits package it is now considered income and subject to taxes, that YOU, not your employer pay, also, the mandate does not all of a sudden mean you can now write off your individual policy which would have been a far better benefit than anything in this rancid turd of a bill. This is if you can still get a benefits package as the tax write off has been eliminated to your employer converting it from an incentive to a hindurance.

    Enjoy the future folks.
    Neither side in an argument can find the truth when both make an absolute claim on it.

    LMR

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    Re: Health care law's massive, hidden tax change

    Quote Originally Posted by LaMidRighter View Post
    3) For people saying that taxes aren't going up because of the singular 1099 issue, you can drop that now. If you get a benefits package it is now considered income and subject to taxes, that YOU, not your employer pay, also, the mandate does not all of a sudden mean you can now write off your individual policy which would have been a far better benefit than anything in this rancid turd of a bill. This is if you can still get a benefits package as the tax write off has been eliminated to your employer converting it from an incentive to a hindurance.
    Except that the bill would have made them reportable period. The 1099 is merely the informational reporting. Saying that taxes are going up because of 1099s is pretty insane. Taxes are going up because the healthcare bill reclassified insurance as income. Complaining about the messenger is not intelligent when your beef is with the message.

    And frankly, that's still nothing compared to individual Fin 48. If you're scared of tax increases, fight that **** with all of your power.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

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    Re: Health care law's massive, hidden tax change

    I'm glad I am an ignorant pissant.

  9. #69
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    Re: Health care law's massive, hidden tax change

    Quote Originally Posted by obvious Child View Post
    Except that the bill would have made them reportable period. The 1099 is merely the informational reporting. Saying that taxes are going up because of 1099s is pretty insane. Taxes are going up because the healthcare bill reclassified insurance as income.
    Incorrect, the bill reclassified benefits as income, group insurance is not insurance, it is a benefit. The contract owner does not have to pay it as income, the contract user does. If you have a group plan you do not have insurance, you have a benefit.
    Complaining about the messenger is not intelligent when your beef is with the message.
    Except that the messenger in this case is also trying to play advocate and is not qualified. The fact is the I.R.S is going to be given more power with this bill when they already have too much, the fact is taxes are going up, and the fact is the 1099 is a part of that.
    And frankly, that's still nothing compared to individual Fin 48. If you're scared of tax increases, fight that **** with all of your power.
    Off topic. The fact is that this bill will drastically increase taxes past what people are accustomed to with the current I.R.S. and it's abusive powers.
    Neither side in an argument can find the truth when both make an absolute claim on it.

    LMR

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    Re: Health care law's massive, hidden tax change

    But under the new rules, if a freelance designer buys a new iMac from the Apple Store, they'll have to send Apple a 1099. A laundromat that buys soap each week from a local distributor will have to send the supplier a 1099 at the end of the year tallying up their purchases.
    She called me up on the telephone and told me this:

    I guess this is one of those thing, eh!

    At least she's not a liar!
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    It has happened before, but there is nothing to compare it to now.
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