What You Need to Know About the New 1099 Regulations

Are you challenged with the learning curve regarding the upcoming changes with Health Care Reform bill will have on your business?  This week The Longview Partnership participated in a webinar on the changes we all will be facing regarding 1099 compliance.  Did you know?

1.       If you use a credit card to purchase products/services for your business you will not be required to file a 1099 to a company.  For example, if you shop at Sam’s with your MasterCard you will not have to file a 1099 because you are not cutting a check to them.
  1. You will be required to have EVERY vendor’s TIN # in order to cut them a "payment" check.  If your company does NOT have a TIN # for a vendor you are required to withhold 28% of the bill in order to remit to at the end of the year to the IRS.  This applies to cities/governments, too.   There is major concern over this bill because the self-employed use their SSN as their EIN/TIN, so there is some concern about identity theft.
  2. If a vendor provides you with the wrong TIN# your business is responsible for withholding the 28% until the correct vendor # is identified. YES, you are liable to the IRS for that 28%.  We do NOT know how to confirm correct TIN #'s at this time.
  3. The US Chamber has a healthcare tool kit to help write letters, etc.  at www.uschamber.com/chambers/healthcare.
If you would like more answers please join us on August 25th for our HealthCare Reform Seminar. The purpose of the seminar is to help business owners, managers, leaders understand this complex and confusing 2,800 page bill, the Longview Partnership is hosting a workshop with Daniel Holle; of Eben Concepts and President of Holle Benefit Resources, Inc.   The speaker for both sessions is Mr. Chris Harrison, President of Eben Concepts. Mr. Harrison also serves as the Vice President of the National Association of Health Underwriters and the Associations National Board of Trustees. He has thoroughly evaluated the new legislation and how its implementation may proceed in coming months. In addition, he plays an instrumental role in helping form responsible healthcare legislation by working closely with the Senate, House, and Healthcare Reform committee in Washington DC.
 The Partnership will be offering two (2) sessions at the Holiday Inn Express North.    The morning session is scheduled 9:00am – 11:30am and the afternoon session is 1:30pm – 4:00pm. Registration is only $19.00 per person.  
As an employer, you will become aware of how these new laws can potentially impact your business and employees in the coming months and years. Register TODAY at www.longviewchamber.com!