Thursday, March 10, 2011

Highlighting amendments in the tax form 1099

Here is another summary of an older NPTV story.  View the story in its entirety by following this link.

This video deals with proposed changes to the tax form 1099 and with the associated action taken by the United States senate.

In a recent vote in the United States senate of 52 to 46, proposals to introduce two changes that modify reporting requirements for form 1099, were rejected. The amendment to repeal the modified requirements did not meet with success in the U.S. Senate. A separate change to form 1099 to raise the reporting threshold from $500 to $6000, while providing exemptions to corporations with less than 25 employees, was also rejected.

The Center For Association Leadership has announced that a similar bill has now been introduced which includes the $5000 threshold, but omits the offering of exemptions to certain businesses. The Internal Revenue Service is invited feedback from the public on this issue until September 29th.

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