1099-MISC Law Repealed

President Obama  has signed into law the Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011 eliminating the requirement that businesses must issue a Form 1099-MISC to both corporate and non-corporate entities for the purchase of goods and services over $600.

Also, the April 14, 2011 law repealed the requirement that individuals who receive rental income from real estate must report rental property expenses greater than $600 on Form 1099-MISC.

These repeals were prompted by an outcry from both small businesses and the self-employed who claimed that the new reporting requirements would be cumbersome and would bury their respective businesses in paperwork.

Tax laws, rules, and regulations remain dynamic, let the attorneys at Kohler & Smith Co., LPA help you and your business navigate the ever-changing landscape.  Call us today at (614) 888-4911 or visit us on the web at www.kohlersmith.com.

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About Kohler & Smith Co., LPA

We are a general practice law firm serving Ohio, Florida, and Pennsylvania. Since 1978, Kohler & Smith Co., LPA has provided representation for its clients' legal and tax matters. The attorneys at Kohler & Smith Co., LPA focus their practice on Estate Planning, Elder Law, Probate, Business/Corporate Matters, Real Estate, Taxation, Lottery Law, Receivership, and Civil Litigation.
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