Tax Law Problems

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The government has introduced many new tax laws that were not well received by the taxpaying community. For example, under the 2,700 pages of the Patient Protection and Affordable Care Act (PPCA) of 2010, there is a provision that obligates every business to file a Form 1099 to the IRS to report all expenses to any vendor or service provider exceeding $600 per calendar year. All this while, only payments made to independent contractors or firms that aren’t partnerships or corporations need reporting. But with the PPCA, all manner of expenses made to anyone is to be reported.

So if you buy a photocopy machine for your business, you need to send a Form 1099 to the Xerox vendor. If you spend $600 or more on gas for your company vehicles, send a Form 1099 to your gas station. Run a small grocer? Send Form 1099s to your milk supplier, the vegetable farmer, the corner newspaper vendor and every company that sold you equipment or supplies.

Please see full article below for more information.

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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

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