I was under the impression that I would have more details regarding the proposed repeal of the Form 1099 reporting requirements today, but did not know it would be bad news.
Yes folks the Senate failed to repeal the 1099 requirements that many small business owners were hoping they would finish before the year end.
This means in 2012 small businesses will have the burden of providing a 1099 for any purchases that total $600 or more. Additionally very little information had been provided regarding the increased 1099 reporting requirements for landlords (in another bill this year) that starts in 2011.
Get ready for increased workloads small businesses for the score right now is Form 1099 (1), Taxpayers (0).
The Tech Accountant