Genii Weblog

Civility in critiquing the ideas of others is no vice. Rudeness in defending your own ideas is no virtue.

Mon 24 May 2010, 10:25 AM
I pay my taxes willingly and promptly.  I am extremely conservative about deductions and extremely vigilant about reporting income.  I am not generally against taxes or regulations that make taxing easier.  But I am irritated by the reporting changes which were included in the Health Care bill which nobody wants to admit to adding and which have nothing to do with health care.

Read the article, Stealth IRS changes mean millions of new tax forms, to see if your business might need to start gathering tax ids and file forms for every business to which you pay $600 a year or more.  Imagine having to collect tax information from Walmart, your telephone and internet providers, the people who clean your office, etc. etc.  Not to mention, dealing with all the forms from the people who pay you or buy your products.

It isn't clear to me how foreign entities are handled.  Are they ignored completely?  Do they count toward the 200 transactions and $20,000 limit, but not require a form.  Ugh!

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