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Landlords and small businesses no longer subject to expanded reporting requirements for 1099s

Congress approved legislation to repeal a provision that as of Jan. 1, 2011, required landlords to file a 1099 form with the Internal Revenue Service reporting payments of $600 or more to another service provider in a year. This requirement would’ve applied to all businesses in 2012, which would have also included payments made for goods and to corporations. President Obama is expected to sign the bill, as he indicated that these requirements were a problem during his State of the Union address in January.

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April 16, 2011 - Posted by | Fredericksburg TX

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