Posted by George Marsh on January 10, 2011 at 15:12:35 from (71.114.201.168):
Last night on our local news, a CPA was talking about new changes in the Tax code. He said that if we spend more than $599 at Wal-mart buying a computer for a business and we want to claim it as a business expense, we will need to get a W-9 from Wal-mart and send Wal-mart a 1099 at the end of 2011.
Is there any truth in this?
Was this part of the 3000 page health care bill that no one read?
Some say that this might get repealed. Not sure if it has.
If I buy something on e-bay, how will I get a w-9 from the buyer?
PLEASE DON'T GO POLITICAL ON ME AND GET THIS POOFED! I can see why the IRS may have made these change. Let's say I pay a tree trimmer $900 to cut down trees and I use the expense as a tax write off. The tree trimmer puts the money in his pocket and doesn't pay any taxes. Uncle Sam comes up on the short end. Some extimates say there are over $2 Billion dollars worth of tax cheats yearly.
I pay my taxes and would like to be informed as to the changes I need to make in my account department. If this is true, is there any advice on how to keep good records and avoid problems?
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