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Could More 1099 Changes be Coming?
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When it comes to 1099s, the last few years have been tumultuous. Between corporate reporting, purchasing card reporting, government withholding, and penalty increases, keeping track of everything can be easier said than done.
This issue features the latest news concerning proposed changes to information reporting, as well as a continuing education opportunity to help keep you at the forefront of the 1099 world.
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| Patrick Harbin – Editor
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While the recommendations highlighted in the IRPAC report are just that - recommendations - there are some important things to remember when filing your 2011 1099s next year, including:
- P-card and third party payments are reported by the merchant bank or settlement entity on form 1099-K, not by your organization.
- Increased filing penalties that went into effect this year aren't going away.
- If you are a government entity, section 3402(t) withholding has been postponed, and will apply to payments made after Dec. 31, 2012.
For more on these issues, as well as for comprehensive instruction on the entire 1099 reporting process, sign up for the upcoming audio conference, Preparing for Year End 2011 Tax Reporting, featuring John Foertschbeck, CPA, Lynda Foertschbeck, IRSCompliance, Inc., and Jerry Michael, President IRSCompliance, Inc.
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