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#1
12-07-2010, 05:38 PM
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CPA ? Corps & 1099's
I was just informed by my CPA that I must issue 1099's to anyone I paid $600 or more (I file as a Sole Proprietor) including Corporations for the tax year 2010. She said it was just recently enacted by the IRS. Previous years I never did 1099 Corps, unless it was a Lawyer, or Health organization.
I am changing CPA's anyway, & won't be meeting with my new CPA until the end of January, but this doesn't seem right. My research on the net doesn't show any recent changes.
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Good deals with: martinsmith06, JimS, Sblue, stark, Hughforik, guitarcrazy2004, matt5150, Jove, * velcro-fly* , traviswalk, Oldschool 
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#2
12-07-2010, 05:49 PM
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I asked my sister in law (who is a CPA) and she sent me this back:
If you paid $600 + during tax year in the course of business to an individual/partnership. Professional fees to an attorney, doctor or other professional are included. Payments to corps included only if they are for medical, health care, legal or fishing activities.
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#3
12-07-2010, 05:51 PM
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Quote:
__________________
Good deals with: martinsmith06, JimS, Sblue, stark, Hughforik, guitarcrazy2004, matt5150, Jove, * velcro-fly* , traviswalk, Oldschool
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#4
12-07-2010, 05:54 PM
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I'm no CPA, but I seem to remember reading something about this... hang on... groogling...
http://www.cato-at-liberty.org/costl...o-health-bill/
__________________
There are only 12 notes after all; how hard could it be? Great deals with: voojo, macmeda, shooterKC, GAT, Suproman77, localmotion411, localmotion411, 2Strats, Jazzydave (x2), Puckman, rockinrobbie, zzzzzzz, Falstaff, buckwild, JohnCovach, Jack Briggs, twang, strat6866, and so many other people I can't remember them all. My Writing Blog (Dogs, Guitars, etc.): http://www.gad.net/Blog/
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#5
12-07-2010, 06:20 PM
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Quote:
__________________
Good deals with: martinsmith06, JimS, Sblue, stark, Hughforik, guitarcrazy2004, matt5150, Jove, * velcro-fly* , traviswalk, Oldschool
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#6
12-07-2010, 06:57 PM
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This goes into effect for 2012. Who knows what will happen by then, it may be repealed or postponed. I don't remember where I heard it but this would include paypal issuing 1099 to all the users, so the IRS can then track your ebay and other sales.
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#8
12-07-2010, 08:54 PM
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If you pay attention to politics, this has actually come up pretty often, though the 1/1/2012 effective date rarely gets mentioned. Here's a story today describing an attempt to appeal that section. Again, it doesn't mention the effective date.
http://www.examiner.com/finance-exam...epeal-1099-law
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