IRS will require all businesses to file a 1099-misc form for vendors and contractors whom you have paid in excess of $600.00 per year. This use to exempt payments to corporations and other similar entities.Collection and management of supplier data is more important now than ever.
This will take effect for year 2012 for the year ended 2011.
New 1099 tax legislation included in the funding provisions of the Patient Protection & Affordable Care Act (March 2010) requires companies to collect valid TINs on a much larger scale than pre-legislation levels. Today most companies are expected to perform 1099 reporting for less than 10% of their supplier population. When the new law takes effect, companies can expect reporting levels to rise above 90%. Companies will need to implement new policies and potentially even new systems to manage supplier information more accurately in pursuit of staying in compliance
Thank you.
Vijay
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