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Posts Tagged ‘1099s’
1099 Information Reporting Requirements for 2011
Thursday, January 19th, 2012
All “persons” engaged in a trade or business are required to file information returns if payments during the year to another “person”, for services provided, total $600 or more. Form 1099-MISC is used to report payments to independent contractors who are not employees. Payments are reported for nonemployee compensation (fees, commissions), rent, prizes, awards, royalties etc. “Persons” required to file include any business, whether it is a sole proprietorship, partnership (LLC) or corporation. “Persons” required to be issued Form 1099-MISC include individuals, sole proprietorships and partnerships (LLC’s). There is an exemption from reporting payments made to corporations, with some exceptions. For example, law firms doing business as professional corporations are not eligible for this exemption.Congress Repeals Expanded 1099 Reporting
Friday, April 8th, 2011|
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| The Senate, by a vote of 97-12, passed legislation to repeal the law tucked away in the health-care reform bill that would have resulted in dramatically expanding the volume of 1099 forms that businesses would have to send. Approved earlier by the house, the bill goes to President Obama who is expected to sign it. (more…) |
Expanded 1099 Reporting for Rental Property Owners
Tuesday, January 11th, 2011|
Eric Lasch, Senior Tax Manager |
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Beginning with payments made after December 31, 2010, with certain exceptions, taxpayers receiving income from rental real estate are considered to be in the trade or business of renting property, and subject to the same information reporting requirements as taxpayers in other trades or businesses. That is, if an owner of rental property makes a payment of at least $600 to a non-corporate service provider (such as a plumber, electrician, accountant, etc.) during the tax year, the owner must report payments by filing Form 1099-MISC with the IRS and the service provider.
