The IRS will have broad leeway to interpret the rules — and it’s already showing signs that it will look for ways to staunch the paperwork flood.<\/p>\n
In a late May speech before the two payroll industry trade group, IRS Commissioner Douglas Shulman announced a major exception to the new rules: The IRS plans to exempt transactions made through credit and debit cards. A separate reporting requirement kicks in next year that will cover card transactions and help the IRS spot unreported payments made through those channels, “so there is no need for businesses to report them as well,” Shulman said. “Whenever a business uses a credit or debit card, there will be no new burden under the new law.”<\/p><\/blockquote>\n
Geez, Doug, I can\u2019t tell you how much better I feel knowing that no matter when and where I swipe my business card I don\u2019t have to report it because you already know about it<\/em>.\u00a0 What a relief!\u00a0 Now that you can spot every single transaction I make, I\u2019m sure the helpful agents at the IRS won\u2019t hold it against me if I forget to include one of those payments on my tax return; right?<\/p>\nI mean, you\u2019re trying to help small business owners by relentlessly monitoring all of our electronic transactions; aren\u2019t you?\u00a0 After all, you’ve got “broad leeway” in interpreting your new powers…<\/p>\n","protected":false},"excerpt":{"rendered":"
Never underestimate the power of positive thinking.\u00a0 With a level of spin only a well-heeled campaign operative could rival the IRS is trying to allay small business owners\u2019 fears of an \u201cavalanche\u201d of new1099 reporting requirements that life under the new rules won\u2019t be so bad. With an assist from CNN, here\u2019s IRS Commissioner Douglas […]<\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[1533,1115,735,1532,300,1486],"class_list":["post-6055","post","type-post","status-publish","format-standard","hentry","category-posts","tag-1533","tag-douglas-shulman","tag-irs","tag-lipstick-on-a-pig","tag-regulation","tag-taxation"],"_links":{"self":[{"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/posts\/6055","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/comments?post=6055"}],"version-history":[{"count":2,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/posts\/6055\/revisions"}],"predecessor-version":[{"id":6057,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/posts\/6055\/revisions\/6057"}],"wp:attachment":[{"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/media?parent=6055"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/categories?post=6055"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/tags?post=6055"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}