new 2012 1099 filing requirement

Or just send a 1099 if that's easier; it isn't illegal to send one to a corporation.

Seth

Anyone have an idea what the CBO said this would raise? I looked at all the PDF's in

1&bill590&filt_func=any&filt_committee=any&filt_paygo=0&filt_intergov=0&filt_doctype=any and searched for "9006" the name of the section. Found nothing. Sec.

9006. Expansion of information reporting requirements.

1&bill590&filt_func=any&filt_committee=any&filt_paygo=0&filt_intergov=0&filt_doctype=any>

6th item on page 1 of the JCT Revenue Projection or by year starting in 2012 in billions: 0.4, 3.3, 2.0. 2.1, 2.2, 2.3, 2.4, 2.5 Total 2012-2019: 17.1

Oops. Somehow I was looking at the wrong website.

Now how did they come up with these estimates? That's the billion dollar question. I can only think they have an estimate of how much people are under-reporting (but I'd like to see the research), or the additional tax preparers will pay more in income taxes. And it's strange that the first year revenue is so little, then it increases about 8 fold to 3.3 billion, then decreases, and routinely increases every year.

One thing that's strange

If you want to know about how the JCT process fro revenue estimates work, read this:

It was written in 2004. As far as I can tell, it is probably no different today than it was in 2004.

in2012in billions:

Well, maybe not so strange if you figure out there is some delay that comes from the startup process. In fact, by doing a bit of back- projection, one could see a progression of

1.8 1.9 2.0 2.1 2.2 etc.

with a shift of 1.4 from the first year into the second. That at least makes the numbers work out.

in2012in billions:

Sorry, I'm not getting it.

in2012in billions:

The actual increase in revenue is 1.8 1.9 2.0 etc. However, 1.4 from the first year isn't collected until the second year.

Seth