It wasn’t long after the passing of the Patient Protection and Affordable Care Act (H.R. 3590) that people were alerted to the adjustments made to the business expense reporting requirements taking effect in 2012. These changes, which were thought to have been introduced to help fund the health reform bill, are a game-changer in the 1099 reporting world which had mostly been reserved for reporting payments to independent contractors. Simply stated, businesses (sole proprietors, partnerships, corporations, etc.) will now be required to issue a 1099 for all goods and services purchased with a cumulative total of $600 or more received from ANY, non tax-exempt business.
Showing posts with label 1099. Show all posts
Showing posts with label 1099. Show all posts
Monday, November 8, 2010
A Closer Look at the 1099 Reporting Requirements Coming in 2012
It wasn’t long after the passing of the Patient Protection and Affordable Care Act (H.R. 3590) that people were alerted to the adjustments made to the business expense reporting requirements taking effect in 2012. These changes, which were thought to have been introduced to help fund the health reform bill, are a game-changer in the 1099 reporting world which had mostly been reserved for reporting payments to independent contractors. Simply stated, businesses (sole proprietors, partnerships, corporations, etc.) will now be required to issue a 1099 for all goods and services purchased with a cumulative total of $600 or more received from ANY, non tax-exempt business.
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