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Own a Small Business? Say Hello to Your New Best Friend: IRS Form 1099 (Huffington Post)

Found deep within the new health reform law is a little known provision that will increase tax regulation on all of America's businesses beginning in 2012. Who will be hardest hit? You got it...small business.

The IRS currently has a reporting requirement for businesses who hire independent contractors. If a business hires a contractor, and pays them more than $600 in a tax year for services, the business must file a Form 1099. One copy of the Form 1099 goes to the contractor to remind him/her that taxes must be paid on the amount of income received. Another copy goes to the IRS which utilizes the form to ensure that the contractor accurately complies with the tax code by paying the proper amount of taxes on income.

Click here to read Kristie Arslan's entire post.

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Courtesy of NASE.org
https://www.nase.org/about-us/media-relations/News/nase-in-the-news/2010/07/19/Own_a_Small_Business_Say_Hello_to_Your_New_Best_Friend_IRS_Form_1099_Huffington_Post