Starting from 2012, the IRS regulations for Form 1099 will undergo a drastic change. Up to now, businesses are required to file a Form 1099 for every independent contractor they do business with. But with the new regulations all businesses will have to submit a Form 1099 for every purchase of goods or services from all sources worth over $600 a year, including those like office stationary purchases and vehicle maintenance.
Please see full article below for more information.
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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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