New IRS Reporting Requirements for Business

more+
less-

Business owners will have to be prepared for a lot more paperwork in filing their tax returns in future. At present, if your business pays more than $600 a year for services from any service provider, you have to declare it using a Form 1099-MISC. One copy is given to the service provider and another copy must be submitted to the IRS. But starting 2012, business owners will have to do the same thing for the suppliers of goods also.

Please see full article below for more information.

LOADING PDF: If there are any problems, click here to download the file.

Published In: Business Organization Updates, Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Darrin Mish, Tampa Tax Attorney, The Law Offices of Darrin Mish, P.A. | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »