1099 Reporting Requirements
By Alan L. Olsen, CPA, MBS (Tax)
Greenstein, Rogoff, Olsen & Co., LLP
President Obama signed legislation that repealed the two separate 1099 reporting requirements that became law last year. The Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011 eliminates reporting requirements. The first, 1099 reporting requirements placed a heavy burden on businesses to report all payments totaling over $600 or more in a calendar year. The second, 1099 reporting requirement involved any payment made to a service provider for rental income. Both 1099 reporting requirements were unpopular and felt by many to place a heavy compliance on small businesses in poor economic times.
For more information please contact Alan L. Olsen, CPA and Managing Partner at GROCO, at 510.797.8661.