By now you have probably heard that the new health care act passed by Congress will require businesses to send a multitude of new 1099's that they were not required to send in the past. Exemptions for corporations and suppliers under the old law have been removed beginning in 2012.
One congressman has seen the potential mountain of paperwork and burden this is going to create for taxpayers as well as the IRS who has to process all this info. He is introducing a bill that will repeal the 1099 mandate and restore the old rules. I think this is a bill that everyone can get behind.
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The content on this blog (www.acollinscpa.blogspot.com) is my personal opinion based on my study and understanding of tax laws, policies and regulations. It’s provided for your private, noncommercial, educational and informational purposes only. It’s not a recommendation or endorsement of any company or product. It should not be relied upon as specific tax advice for your personal situation. I strongly suggest that when it comes to filing your taxes, you get additional, professional guidance from individuals who are familiar with your specific circumstances. Those who choose to rely solely upon the information on this site do so at their own risk and peril, and cannot hold the author liable in any form or fashion.
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IRS CIRCULAR 230 DISCLOSURE REQUIREMENT: IRS Circular 230 requires us to notify you that any tax advice contained in this communication is not intended or written to be used, and cannot be used, by any person for the purpose of avoiding tax penalties that may be imposed by law.
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