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IRS is Cracking Down on 1099 Filers via Enforcement Programs and Full Information Reporting and Withholding Audits

Organizations that purchase the rights to cut down and remove trees from a tract of land now face new IRS rules requiring them to report the sale on a form 1099.

The rule is an amendment to Internal Revenue Code 6045(e), which went into effect on May 28, 2009. According to the ruling, purchasers of standing timber in a lump sum transaction must report the sale on a form 1099-S, which is used to report real estate transactions.

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When it comes to 1099 reporting requirements, method of payment is immaterial to the IRS. Payments made by payment card (p-card) have always been regarded as reportable payments if they meet the reporting requirements. Likewise, backup withholding on independent contractors without a valid TIN is required, regardless of payment method. This creates a dilemma in using a p-card as a method of payment due to the third party involvement, tax identification and verification issues and timing.

In an effort to curb "under the table" work – work performed by contractors and other non-employees that often goes untaxed – the IRS created the 1099 program in the 1980s. Under the program, the IRS can run matches using Social Security numbers and tax ID numbers to catch people who receive interest or dividends, perform services or collect rents but don't report the income.