The IRS requirement for more filing for businesses had continued to gain resistance from small businesses. Beginning from 2012, all businesses have to file Forms 1099 for payments worth more than $600 a year to every contractor and vendor of goods and services. This represents a massive administrative headache especially to small business owners who do not have much manpower or facilities to comply with the ruling.
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Published In:
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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