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.
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Business Organization Updates, Tax Law 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.
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