You might ask yourself: BOQ what in the helk are you talking about?
What I’m saying is this… Out of the 384,000 words that comprise Obamacare, Congress inserted nine (9) innocuous looking words. These “harmless” words were arranged into three little lines, inside one little section amongst the 10,800 Sections that make up this legislative abomination. In the forced rush to pass this legislation, who would pay attention to these three little insertions, much less appreciate the havoc that they will create in all of us.
And the words, BOQ; what are those words?
1) amounts in consideration for property,
2) gross proceeds, and
3) gross proceeds.
Three quiet insertions in deed.
Section 9006 of H.R. 3590 reads in full:
To fully understand its impact in all of us one has to go to Section 6041 of the Internal Revenue Code, and chase down their meaning.SEC. 9006. EXPANSION OF INFORMATION REPORTING REQUIREMENTS.
(a) IN GENERAL.—Section 6041 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsections:
‘‘(h) APPLICATION TO CORPORATIONS.—Not withstanding any regulation prescribed by the Secretary before the date of the enactment of this subsection, for purposes of this section the term ‘person’ includes any corporation that is not an organization exempt from tax under section 501(a).
‘‘(i) REGULATIONS.—The Secretary may prescribe such regulations and other guidance as may be appropriate or necessary to carry out the purposes of this section, including rules to prevent duplicative reporting of transactions.’’.
(b) PAYMENTS FOR PROPERTY AND OTHER GROSS PROCEEDS.—
Subsection (a) of section 6041 of the Internal Revenue Code of 1986 is amended—
(1) by inserting ‘‘amounts in consideration for property,’’ after ‘‘wages,’’,
(2) by inserting ‘‘gross proceeds,’’ after ‘‘emoluments, or other’’, and
(3) by inserting ‘‘gross proceeds,’’ after ‘‘setting forth the amount of such’’.
(c) EFFECTIVE DATE.—The amendments made by this section shall apply to payments made after December 31, 2011.
Down The Rabbit’s Hutch we go…
After New Years 2012 Section 6041 will read in part:
All persons engaged in a trade or business and making payment in the course of such trade or business to another person, of rent, salaries, wages, amounts in consideration for property, premiums, annuities, compensations, remunerations, emoluments, or other gross proceeds, fixed or determinable gains, profits, and income… of $600 or more in any taxable year… shall render a true and accurate return to the Secretary.
Currently Sec 6041 requires any for profit person to submit and itemize to the IRS a Form 1099 to register certain business transactions as wages, rents, premiums, etc. Starting on 2012 it will include any and all sales between businesses whose amount is over the $600 - Every single sale, PERIOD.
On behalf of all Americans, Barney, I must say: Thank-you for your insertions!!!