Tax Pro Plus
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Los Angeles, CA 90064
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Rejoice - Congress Overturns Enhanced 1099 Reporting Requirements
In earlier newsletters, we had notified you of two new 1099 reporting requirements for businesses and rentals. These included:
- For Rental Owners - The new requirement for rental owners to report annual payments of $600 or more to service providers, such as a pool service person, handyman, gardener, management company and other unincorporated service providers effective for the 2011 and future tax years.
- For Business Owners – The new requirement to include incorporated entities in the business 1099 reporting requirements and expanding the scope to include purchases in addition to payment for services. This provision was to become effective for the 2012 and subsequent tax years.
In response to overwhelming objections from business leaders, business organizations and accounting professionals nationwide complaining about the tax compliance burden these new requirement impose on taxpayers, particularly small businesses, Congress has repealed these requirements.
If you have questions, please give this office a call.
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Disclaimer: The tax advice included in this newsletter is an overview of some complex tax rules and is not intended as a thorough in-depth analysis of the tax issues discussed. Do not act on the information included in this newsletter without first determining how these issues apply to your particular set of circumstances and if there are any special tax laws or regulations that might apply to your situation.
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