Before a company submits the 1099 Form to its vendor and to the IRS, it must have its vendor fill out a Form W-9 with its address, contact information, and the company taxpayer identification number. The total amount of work involved is huge. As a business owner, I will be receiving many more requests to fill out W-9 Forms and I will have to fill out many 1099 Forms early in the new year when I am trying to catch up after my busiest time of the year in the Fall. I will resent every moment spent in this way immensely.
Why did this idiot plan get foisted on us?
- The wording changes were slipped into the unread ObamaCare bill late in the process so they would not be discovered until after it was passed in accordance with Pelosi policy.
- Congress is desperate to eke out every last dime, no make that $0.04 given the Utah case of huge penalties and interest based on a claimed overdue payment of $0.04, to pay for its wild, drunken overspending.
- This is an underhanded way to help the Post Office with its deficits.
- It is a subsidy program for lumber and paper companies.
- It is a subsidy for tree farms.
- Transporting the billions and billions of forms will provide more income for truckers.
- Increased truck traffic will destroy the roads and bridges faster, leading to more construction and repair work.
- America will import more oil to operate more trucks, which will help the underdeveloped world by transferring American wealth to them.
- It is a plan to increase man's emissions of CO2 so Congress will have more of an argument for cap and trade taxes on the increased fuel imports and use and the CO2 will help corn grow better to produce more subsidized ethanol.
- Its a make-work project for accountants, a profession much-beloved by Congress.
- This will make businesses much more inefficient, thereby reducing the huge advantage in efficiency of the private sector compared to the public sector. Reducing that difference will make it easier for the government to push for more socialism.
- Companies will try to concentrate their business on a smaller number of vendors to reduce paperwork.
- Small businesses will be both more burdened with the owner doing this paperwork and they will be preferentially shut out of business by larger companies trying to reduce their paperwork.