Lawmakers Call for Repeal of IRS Rule


Last Thursday, three Democrats in the Senate wrote a letter to House Speaker John Boehner urging him to call for a House vote on the 1099 provision set by the IRS. The now infamous 1099 provision is a new rule that makes it compulsory for all businesses to submit a 1099 Form to the IRS for all transactions worth $600 or more in one tax year starting from 2012. The new law is to close the gap between income that is made and what is actually reported to the IRS currently estimated at $300 billion every year. The additional revenue is meant to help fund the government’s new healthcare reform.

The 1099 form is used to report income for individual workers other than wages and salaries. It is given to freelancers and businesses send them out. This additional administrative work is viewed by most people as onerous especially to small business owners who might have to employ additional staff to keep track of such transactions and comply with the law.

Please see full article below for more information.

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

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

Written by:


The Law Offices of Darrin Mish, P.A. on:

Readers' Choice 2017
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.