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Will 1099s be Repealed?
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Rarely do accounts payable professionals pay as much attention to the news coming out of Washington as they have during the past several weeks. The question on everyone's mind is "have the new 1099 rules been repealed?"
This issue features the latest news about the 1099 repeal process, as well as information you can use to improve your organization's 1099 compliance.
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| Patrick Harbin – Editor
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Repeal Stalled |
Just last month it looked like the expanded 1099 reporting requirements were on the verge of being repealed. However, recent developments show that the process could take longer than expected.
See 1099 Reporting Saga Reaches a Stalemate? on TAPC.
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1099 Changes |
While the 1099 reporting changes outlined in the healthcare bill are likely to be repealed, there are still other notable changes to 1099s that AP should be aware of. These include:
- Increased Penalties: Beginning with 1099s filed this year, failure-to-file penalties increased across the board, with the maximum penalty increasing to $1.5 million.
- Reduced P-card Reporting: Starting with payments made this year (and reported in 2012), purchases made using a p-card are reported by the merchant banks and not by the buyer.
- Rental Property Reporting: Beginning this year, landlords that pay more than $600 in rental property expenses must now report those on a 1099.
If and when Congress repeals the expanded 1099 reporting rules, that does not mean the end of 1099 headaches. Be sure to attend "The Critical Role of AP in 1099/1042-S Regulatory Compliance," part of next month's The Accounts Payable Network AP Leadership Conference.
Register for the conference before tomorrow to capture the early-bird $100 discount. The conference earns up to 13 CEUs.
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Just for Fun! |
In the 21st Century, it's all but expected that before bed we may watch a little television, check our email, or send a quick text message. However, all this late night technology is wreaking havoc on our sleep schedules. See Not Getting Enough Sleep? Turn Off the Technology.
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