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Old 05-02-2011, 04:34 PM
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What is the latest news on the 1099-Misc requirements?

Are we still subject to the expansion of the 1099-Misc requirements to include payments to made to corporations such as Best Buy and Dell?

What about the stupid rule requiring Landlords reporting payments in excess of $600 to the handyman etc?? Yikes...this is crazy! Any news anybody?



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Old 05-02-2011, 04:38 PM
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Congress was going to take up this issue and dump this provision, I know the businesses were fighting hard to prevent this provision coming into law! The AICPA and all the Accounting and Tax Fraternities fought very hard to stop this provision as well..

I think I hard a rumor that the President also fought hard to prevent this coming into Law!



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Old 05-02-2011, 10:27 PM
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Well, the good news is that the recent expansions of the 1099 reporting rules have been repealed. The President has signed the legislation which "scraps the requirement that all businesses issue 1099's when paying $600 or more to corporations."

Also the the rule requiring owners of rental properties to file 1099's on payments of $600 or more for goods and services has been scrapped or repealed.

Clearly, the business, landlords and the accounting professions lobbied their protest very hard to have this rule repealed due to the potential difficulty in increased reporting requirements and Congress and the President heard their opposition and backed down.

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