Things have gone badly for your pet store dedicated to domesticating beavers and selling them as lovable companions. They're cute and fun to play with, but they also chew up the furniture and build dams in the hallway.
You’ve reached a point where you’re out of money. You've defaulted on all your loans, and you haven’t paid the mortgage on your store in months. You meet all the qualifications for a bankruptcy filing. Except...you haven’t actually filed the papers yet. Your furry, bucked-toothed inventory keeps stealing your paperwork, then uses it as a kind of makeshift drywall for the chewed-up furniture dam getting built by your back door.
Despite this ongoing setback, you remain in technical bankruptcy. At this point, it is just a matter of filing the paperwork and getting the formal process going. But for all intents and purposes, you've already crossed the threshold.
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Finance, a la shmoop. What is a 1099? Well it's a tax form for the rest of us the
non fully employed, the non recipients of crappy health care and benefit plans, the [Man looks shocked at his medical bill]
non recipients of fancy corporate business cards those of us who choose to [Business card for Brett Corporate]
go it on our own as consultants, contractors, day laborers and
independents who self employ under the yoke of many masters trying to make our [A contractors diary]
own little way in the world, yeah. Corporations who hire contractors in
whatever form, must deliver to those contractors a form 1099 which outlines [Corporation giving out 1099s to contractors]
and stipulates the details of the job performed for the contractee. That 1099
is a direct conduit to the IRS holding out their arm to shake your hand and [The form 1099s are sent to the IRS]
then turning it 90 degrees to the right. [IRS's hand out expecting something]
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