IRS Increases 1099 Filing Requirements
Effective for the 2010 calendar year, the IRS is requiring all Companies to issue a Form 1099 to any vendor of services or rental property to which the business has paid more than $600. Currently, 1099s are issued only to individuals who provide services or property to a business. The law is expanded to include corporations as well.
Only business related payments are included and there are exceptions for payments for merchandise, telephone, freight, storage and payments of rent to real estate agents. By attempting to minimize the amount of under-reporting on tax returns, the provision is expected to raise $17 billion in increased tax revenue over 10 years.
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