For those who have been following politics for a while, you might have remembered something about $600 and IRS reporting from a decade ago when Obamacare was passed.
Within the 2010 Obamacare mess, “It was added that payments for goods more than $600 in a 12 month period needed to be reported as well as services. Obamacare further provided that, beginning in 2012, payments to non-tax-exempt corporations—which had previously been exempt from the reporting requirement—would be subject to information reporting.” (link)
The 2010 tax law was actually enacted, briefly, and was scheduled to take effect in the 2012 tax year.
I well remember at the time everyone was like WTF, I’ve got to fill out a 1099 any time I give $600 to a service provider or business?
Yes, the embedded law inside the Obamacare law meant that anyone who paid any person or business $600 or more for a good or service was supposed to fill out a 1099 tax filing reporting the transaction to the IRS.
The political premise of the law was so obvious, stupid and cumbersome in 2011, after Obama’s 2010 mid term election “shellacking“, one of the first acts of a new republican congress was to repeal that ridiculous segment of the law. As it was noted at the time:
[…] “Essentially, with President Obama, signing into law H.R. 4 [2011], the reporting rules now revert back to what they were before the 2010 legislation (Obamacare and Small Business Jobs Act) was passed. We are now back to where we were before the government started monkeying around with things in the first place.” (read more)
So, for those of you paying attention; and for those of you who realize Joe Biden is just a false front for Obama’s third term; indeed the current 2021 effort by the Treasury Department to require banking notifications to the IRS for $600 transactions looks exactly like what Obama’s team previously tried in 2010.
♦ The difference this time is they are switching the reporting requirement from the individual taxpayer to the financial institution. THE GOAL IS THE SAME.
(more…)
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