A website visitor asks if the tax deal contained any relief from 1099 reporting for small businesses. The answer is NO, it didn't. But there is still hope that Congress will provide relief before the stricter reporting requirements take affect in 2012. Both Republicans and Democrats seem to agree that the stricter requirements will be a burden on small businesses, but for some reason, they can't reach an agreement to actually provide relief.
Oh, and rental property owners: you are subject to stricter 1099 rules starting January 1, 2011. Rental owners have not had to issue 1099s in the past, but now they will, if they pay $600 or more to service providers (accountants, lawyers, plumbers, electricians, etc.).
Read prior Dinesen Tax Times coverage here and here.
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