NASE Monthly Poll
May 2010
Results
Increased Tax Regulation on Small Business
As a result of a new law signed this year, all businesses will face additional IRS information reporting requirements. The new law would expand the IRS Form 1099 reporting system, which is currently used only for the reporting of payments of $600 or more in a year to independent contractors, requiring businesses to now issue these Form 1099s to all vendors of services OR property to which the business has paid more than $600 a year. In addition to issuing the forms, a business will have to get Taxpayer Identification Numbers (TINs) from all of those vendors and withhold payments to any such vendor until it receives the TIN. Should a business not file the proper Form 1099s, penalties will apply. The payments that are included under this new regulation are not only those made directly by check but also those made by other means such as credit cards.
Please take this short survey to tell us how this new regulation will affect your business.
To download the full survey results, click here: NASE Monthly Poll- May 2010 Results- Form 1099 Expansion
Answer Options
Greatly Increase
Somewhat Increase
Slightly Increase
No Change
No Opinion
Response Count
55.2%
24.4%
7.7%
11.4%
1.3%
299
47.1%
27.2%
9.8%
14.1%
1.8%
276
Methodology The above survey is part of an online poll series conducted by the National Association for the Self-Employed. We received a total of 306 responses to the May 2010 survey. About the NASE The National Association for the Self-Employed (NASE) is the nation’s leading resource for the self-employed and micro-businesses, bringing a broad range of benefits to help entrepreneurs succeed and to drive the continued growth of this vital segment of the American economy. The NASE is a 501(c) (6) non-profit organization and provides big-business advantages to hundreds of thousands of micro-businesses across the United States. For more information, visit the association’s web site at www.NASE.org.
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Courtesy of NASE.org https://www.nase.org/about-us/media-relations/nase-in-the-news/2010/05/24/Increased_Tax_Regulation_on_Small_Business_May_2010