Future 1099 requirements - changes coming?!?!

Posted on: 2/3/11 by Kevin P. O'Leary, CPA

Here is a great article about the possible repealing of the crazy 1099 requirements that are headed our way in 2011 and 2012. For 2011 the big change is for landlords - if you own rental property and you have any service done on your rental property during 2011 - anything over $600 (aggregate) would have to be recorded on a 1099MISC. For 2012 - the BIG CHANGE is being required to provide a 1099 for either services or purchases - this could be a HUGE burden on small businesses and any business for that matter. Check out the article and give me a buzz/email if you have any questions...

http://www.accountingtoday.com/news/Senate-Passes-1099-Repeal-Amendment-57177-1.html

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