Congress To Scale Back New 1099 Reporting Requirements?

A March 9th story on AccountingWeb.com highlighted new reporting requirements coming for 1099’s to vendors. Under the new guidelines passed last year by Congress, ALL vendors receiving $600 or more of your business will need a 1099. This covers EVERYTHING down to office supplies.

Put into place as a better cross check to income reporting, is this a case of the remedy being far worse than the issue? Do you think requiring so many new 1099 forms in circulation is really the answer to income hiding? Or do you think adjustments to tax codes would simplify everyone’s life, therefore making income reporting more accurate?

The full article including background on when the new code came into being can be found on AccountingWeb. We’d love to hear your feedback below or LinkedIn group discussion!