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Also, the April 14, 2011 law repealed the requirement that individuals who receive rental income from real estate must report rental property expenses greater than $600 on Form 1099-MISC.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