Home › Forums › Restaurant Professionals Forum › Restaurant Professionals Forum › You need to read this if you spend more than $600 a year with a supplier › Re:You need to read this if you spend more than $600 a year with a supplier
this IS a big deal. for ALL small businesses and large businesses alike!
with the advent of computers and accounting programs, issuing 1099’s isn’t as time consuming as it once was. still, it DOES take a fair amount of time. the plus was that you didn’t have to issue them for corporations.
for a small company, like the one i work for, it’s hard enough – being the only employee at the corporate office – to get all the stuff entered for year-end; get the monthly reports done for the boss; get the 1099’s done and get ready for the accountant to come in to do the books for taxes (and he would prefer to come in before the end of january – which isn’t possible from my side, so he comes in the first week of february, which is still a hardship for me) AND still stay on top of the regular/daily stuff that needs doing. adding in this much extra work will make it impossible to get everything done in any kind of a timely manner.
i usually only have a dozen or so 1099’s to do. not all that much, no. still, the forms have to be printed and i’ve not been able to find forms that can go through the pin-feed printer, so, have to use the laser printer. 5 copies and the duplicate pages of the irs form tend to jam, so, i waste forms, time and ink. takes a whole day just to do those few that i have.
now they want EVERY vendor to get one???? that is absolutely INSANE!! it’ll take more than a week to process 1099’s for every vendor!
just from the standpoint of having to print and mail them, it’s insane. the time for doing that. and the postage.
add to it the time and effort and postage it’ll take to send out w-9 forms. then the time and effort it’ll take to update the vendor files. holy crap – it’ll be a nightmare!!!