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Message
1099 MISC
Posted on 2/11/16 at 2:42 pm
Posted on 2/11/16 at 2:42 pm
Is there a dumber exercise in corporate America than the annual trading of useless 1099 MISC forms? I get dozens of box 3 and box 7's from major energy companies reflecting the purchase and sale of natural gas. From there, they go straight in the fricking shred box. How many billions of dollars are wasted on 3rd party processing, postage and office supplies for this bullshite?
3
Posted on 2/11/16 at 3:16 pm to sneakytiger
Well according to your calculations, at least billions.
Posted on 2/11/16 at 3:31 pm to sneakytiger
What's the purpose of them?
Posted on 2/11/16 at 3:54 pm to sneakytiger
quote:
corporate America
Considering you don't have to generally send a 1099-MISC to a corporation unless it's a law corporation...
And Box 3 and Box 7 are generally for services, not for materials...
Posted on 2/11/16 at 5:14 pm to LSUFanHouston
I work for an LLC. Corporate America's big box AP systems show they paid me something, therefore I get a 1099.
Posted on 2/11/16 at 5:29 pm to sneakytiger
quote:
I work for an LLC. Corporate America's big box AP systems show they paid me something, therefore I get a 1099.
Gotcha. Most AP systems when you set up a vendor, you type in their info, and check a box to set them up for a 1099, and at the end of the year, you hit a button and fill the printer with forms and let er rip.
The threat of penalties keeps everyone doing it.
Posted on 2/11/16 at 5:55 pm to LSUFanHouston
quote:
The threat of penalties keeps everyone doing it.
Exactly! If they can't fit you in any other category and you aren't exempt for other reasons, god willing, you will get a 1099 MISC with a Box 3. I bet there are fortune 100 companies that send 1099 MISC's to their lenders for interest paid. How can the IRS possibly use 1099 MISC's when probably 99% of them are issued incorrectly?
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