antagon
The Man
- Dec 6, 2009
- 3,572
- 295
- 48
The new law says that a thousand of my customers must send me & the feds a 1099 forms & I must 1099 a hundred of my vender's & sent a copy of each to the feds. Fines & penalties for mistakes are steep & I have already been hit big a couple of times for missing a date or a mistake on a form. The fines alone will wipe out all proffit & cripple most business.
this is what i mean by 'regulatory consumer entrapment' via the tax code. this type of bullshit begs every business to hire a financial service provider in order to operate. those providers have a federal hand up their ass skimming the profit. this is a new twist, and i don't have it nearly as bad, but it is clear business plans will need to change to accommodate it.
add another complexity factor to the laffer curve: red tape coverage: how much does it cost just to pay taxes? how much can the gov't get away with when owners don't/can't file their own taxes?