IRS Form 1099 Reporting Update

The mandatory reporting of various annual form 1099s and the compliance rules attached to them still remains to be a challenge to our companies and our clients. Especially in light of the 2010 Health Care Reform Bill, there are multiple changes in 1099-MISC reporting. Effective December 31, 2011, all corporations, unless they are tax-exempt corporations like not-for-profits and government entities, will no longer be exempt from receiving 1099s. Even payments for goods will be reportable and possibly subject to withholding. These reference materials will provide you with insight as to the current laws and regulations, how to ensure compliance with proper policies and procedures, and advise payors of their responsibilities.

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