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1099 Reporting Changes Up in the Air

August 6, 2010 by Deb Howard Greenleaf

UPDATE: New 1099 Reporting Requirements Repealed!

Recently passed legislation requiring a massive overhaul in the 1099 reporting system has met with passionate opposition from small business owners, the accounting community and even the IRS Taxpayer Advocate. In response, two efforts are underway in Washington to reduce the requirement or repeal it outright.

The least likely effort was put forward by Senator Mike Johanns of Nebraska, proposing an outright repeal of the new reporting rules. Unfortunately, the Democratic support is unlikely because the proposal would also repeal a preventative medical care fund for the uninsured.

By mid-September, debate should begin on a Democratic proposal put forward by Senator Bill Nelson of Florida. This version would add several exemptions to the new reporting requirements, including an outright exemption for businesses with fewer than 25 employees. Furthermore, the Treasury Department would be authorized to exempt payments for common purchases such as airline tickets and office supplies.

Everyone keep your fingers crossed that the two parties can come together to save our nation’s small business owners from this crazy new reporting requirement!!

Deb Howard Greenleaf
Deb Howard Greenleaf

Deb Howard Greenleaf, EA, CEO and Principal, of Greenleaf Accounting Services provides virtual accounting and bookkeeping services and specializes in financial management to consultants, coaches, solo professionals, and other small business owners across the US. Deb is an Enrolled Agent (EA)—an IRS-licensed tax professional—and specializes in small businesses and entrepreneurs filing Schedule C or as an LLC. As an Advanced Certified QuickBooks ProAdvisor, Deb spends her day in QuickBooks Online and specializes in providing QBO support.

Related posts:

Default ThumbnailNo Relief from Crazy-Making 1099 Requirements … Yet! Default Thumbnail1099 Outcry Increasing Default ThumbnailUpdate to 1099 Reporting Changes Default Thumbnail1099 Repeal Amendment Makes Progress

Filed Under: 1099 Reporting, Bookkeeping, Small Biz Taxes

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Free 1099 Success Cheat Sheet

Want to be ready for 1099s at year end?
Learn how with my 1099 cheat sheet.

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