Believe it or not, risks associated with tax and tax compliance still keep CEOs in the US and around the world up at night, even in these COVID times when supply chain issues, the Great Resignation, and cybersecurity incidents grab all the headlines. According to the KPMG 2021 CEO Outlook Pulse Survey, 14% of the […]
The IRS estimates that in 2016 American taxpayers will spend 8.9 billion hours preparing and filing taxes. To put that in perspective, 8.9 billion hours is 1,015,286 years or the amount of time it takes to play about three games of Monopoly. The report goes on to estimate the cost of compliance at $409 billion. […]
It’s awesome when the Commissioner of the IRS calls the tax code “a monstrosity” like he did in a speech back in May but it’s even more awesome when the tax code messes with stoners worse than an assistant principal who still has something to prove to his dad. The Vapor Room Herbal Center […]
Everyone’s favorite Two Minutes’ Hate from the healthcare reform legislation – the 1099 reporting requirement – managed to live to fight another day despite being as unpopular as the Democrats who originally got behind it (although don’t look at Nancy Pelosi).
As is the wont of Senate, this sliver of bipartisanship was foiled by…wait for it…politics:
The provision survived because of the complex politics of the Senate. Some lawmakers were reluctant to back repeal on Monday since the rule change would have been added to a popular food-safety law that is nearing approval, potentially jeopardizing its passage. In addition, dueling Democratic and Republican proposals allowed lawmakers to register their disapproval of the 1099 requirement whether the repeal passed or not.
In other words, everyone agrees that they hate this thing but they hate it in different ways. You see, it’s not enough to be against the 1099 requirement, it matters who gets the credit for being against so much that they actual introduced the proposal to do away with it.
Sigh. But it’s cool, the rule doesn’t actually go into effect until 2012, so blowing it off for another 12 months is totally an option. And a pretty realistic one, too.