We’ve been watching the progress of the Patient Protection and Affordable Care Act (AKA the Healthcare Reform Bill), and particularly the part that affects small business – the extreme new 1099 reporting requirements. As of now, businesses only have to issue form 1099 to service providers, most notably contractors, to whom they pay over $600 [...]
A Ray of Hope: House and Senate Bills Oppose Expanded 1099 Reporting Requirements
Posted by: Jennifer Escalona, July 29, 2010
Comments: 2
Expanded 1099 Reporting Requirements: Whose Idea Was This Anyway?
A group of senators has written to IRS Commissioner Douglas Shulman complaining about the new 1099 filing requirements, which were passed into law by – who was that again? Oh, right - those same senators.
morePosted by: Mariette Knoblauch, July 28, 2010
Comments: 1
Outright, Inc. relocates to Mountain View, CA
A few weeks ago, we packed up our home in Campbell and headed north, braving the risk of freezing temperatures and wind swept winters!
(about 30 minutes closer to San Francisco)
In need of more space to stretch our legs, and a more convenient location for the entire team, Mountain View struck us as the ideal location. [...]
Posted by: Paul O'Brien, July 19, 2010
Comments: 42
IRS Invites Public Comment on New 1099 Requirements
...Well, they asked for it.
As we've been following closely here at Outright, one provision of the new healthcare reform bill expands the requirements for 1099 reporting. Starting in 2012, businesses and sole proprietors will have to file 1099-Misc forms for everyone they spend $600 or more with, even large corporations like Costco, for purchases of [...]
Posted by: Mariette Knoblauch, July 12, 2010
Comments: 5
Is the Government Forcing You to Get a Credit Card?
Here at Outright, we’re already expressed our concern over the new Healthcare Bill’s tax reporting requirement that small business owners issue 1099’s to any vendor to whom they pay over $600 in the course of the year. This would mean that not only do small business owners have to issue a form 1099 – the [...]
morePosted by: Jennifer Escalona, July 8, 2010
Comments: 9
Business Journal Introduces Small Businesses to Outright
"Bookkeeping software [that] helps small-business people know where their money is coming from and where it is going." I couldn't have said it much more concisely than that. Friday last week, the San Jose Business Journal's Jon Xavier shared our own experience getting started and growing Outright into the preferred service for self [...]
morePosted by: Paul O'Brien, June 21, 2010
eBay DevCon Outright Exciting!
Just wanted to take a minute to extend our gratitude to eBay and the team behind this year's developer conference. Hosted June 8 - 10 in San Jose, CA, DevCon brought together eBay's brightest developers with innovative third party services and solutions to help both buyers and sellers excel on the world's largest online [...]
morePosted by: Paul O'Brien,
eBay Recognizes Outright.com Most Innovative App
eBay, Inc. today announced the recipients of the 2010 Star Developer Awards at eBay DevCon 2010, recognizing Outright.com the most innovative application among a wide variety of solutions that have helped foster the success of buyers and sellers on eBay.
Our simple online bookkeeping for self employed professionals, facilitates over 2 billion dollars in [...]
Posted by: Paul O'Brien, June 9, 2010
Why Is Congress Raising Taxes on Small Businesses?
The House has just passed the ironically named “American Jobs and Closing Tax Loopholes Act of 2010," which will raise taxes on small service businesses, while renewing a bunch of tax breaks for various special interests. It extends payroll taxes to all distributions from S corporations to members, rather than only on the salary portion, [...]
morePosted by: Mariette Knoblauch, June 1, 2010
Comments: 4
Enter Daily to Win the Outright Small Business Week 50/50 Challenge
In honor of National Small Business Week, we here at Outright are giving our users the chance to honor their favorite small businesses and score a little cash bonus in the process!
Last week we introduced the first in our continuing series of home business profiles. (Over the next few months, we’ll be offering up everything [...]
Posted by: Jennifer Escalona, May 24, 2010
Comments: 1
Outright is secure.
Recent Comments
I think that the corporations will somehow get around this. I cannot imagine having to send a 1099 to Office Depot because I bought $600 in paper and ink. They would never in a million years know what to do with it. I wonder, however, if Congress will again screw the little guy and make us send them to other small business so that they can continue to break our backs, as they have repeatedly done in the recent past. They make it harder and harder for the little guy.
I do not mean to sound pessimistic, but that is how I see it now. Maybe after my second cup of coffee my view will change, but I do not think so. :)
Posted Jul 29, 2010 7:31:00 AM by:
Tax Man To You, LLC
I agree. If you can already imaging how busy a corporation like Best Buy would be with its own paperwork, do you really think they'd get around to handling or filing all of the 1099's submitted in time for the tax season? They'd probably have to create a new department (meaning hiring several new employees and incurring additional expenses) to do so without complaints. I just don't see that happening, but who knows...
I know it's not something I'm fond of having to keep up with and do. We don't have a ton of employees to delegate certain tasks to, so this would just be one more inconvenience and take up more time I don't have in my already full days.
Posted Aug 18, 2010 9:14:20 AM by:
Your Passive Income™