I am not real checked out on this,heard some on the radio.
as I understand it,maybe in 2011 if,in a calender year,we do over $600 business with anyone,a 1099 form must be submitted.
Does that mean if I do $601 with Midway,I must inform the IRS,and if I buy a Leupold scope for $639 from Natchez I must send another 1099 and if I order a Fusion 1911 kit I must submit another 1099,etc.
Is that true?
Would anyone else be concerned about that?
Seems like all these regs are making quite a tanglefoot of criminalizing decent folks.
I sure hope I understand it wrong.
as I understand it,maybe in 2011 if,in a calender year,we do over $600 business with anyone,a 1099 form must be submitted.
Does that mean if I do $601 with Midway,I must inform the IRS,and if I buy a Leupold scope for $639 from Natchez I must send another 1099 and if I order a Fusion 1911 kit I must submit another 1099,etc.
Is that true?
Would anyone else be concerned about that?
Seems like all these regs are making quite a tanglefoot of criminalizing decent folks.
I sure hope I understand it wrong.