New 1099 Guidelines
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What Businesses, Landlords Need To Know
The 2010 Affordable Health Care Act included a provision that will require all businesses to issue 1099s to any business or individual from which they buy $600 of goods or services in a tax year, beginning in 2012. In addition, owners of rental properties will need to issue Form 1099-MISC to report payments totaling $600 or more for expenses related to their rental properties.
Although it is likely that the provisions will be repealed before taking effect, we have prepared a summary of the new 1099 requirements to help businesses and rental property owners understand and comply with new reporting regulations.
If you have any questions, please contact your HB&K tax professional.
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Hartmann, Blackmon & Kilgore P.C. is one of the Gulf Coast's leading CPA and business consulting firms, and is ranked by Business Alabama as one of the top-tier accounting firms in the state. The company was founded in 1990 as a certified public accounting practice, and has grown to include consulting services such as business valuation, litigation support and estate planning. HBK serves as a strategic partner to many of the leading businesses and municipalities throughout the Gulf Coast, as well as a variety of individuals and entrepreneurs.
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