Just when you thought the IRS requirements couldn’t get any more onerous, they are getting worse.
You’ve heard about the 1099 reporting requirements included in the Obama health care bill. It comes with its own tax policy and it’s a crazy one. It’s going to generate billions and billions of new forms that will need to be handled by everyone who buys something that is business related.
Congress has now given a bill to President Obama that expands the IRS Form 1099. It requires that everyone who owns rental property must issue 1099 forms. That is absolutely nuts. The 10 million people who now get income from rental property are going to have to fill out paperwork on each expenditure they make on that property.
It’s more billions of forms which guarantees the Obama administration more billions of employees. Don’t you just love the ObamaNation?