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Form 1099 Reporting Requirements - Emil Estafanous, CPA : Emil Estafanous, CPA

Form 1099 Reporting Requirements

Section 9006 of a Patient Protection and Affordable Care Act imposes fatiguing Form 1099 information stating mandate on organizations – including taxation free organizations.  Although organizations free from taxation under section 501(a) will not accept the forms, a entities contingency contention a forms when they squeeze $600 or some-more in products or services from another entity.

The Act done dual poignant changes to a law that will take outcome in 2012.  First, a Act overturns a long-standing taxation law providing that companies were generally free recipients.  Second, a Act stretched information stating mandate to business payments for goods (which is in further to business payments for services, as compulsory by stream law). 

The new manners will apply to payments done commencement Jan 1, 2012 (and reported on a Form 1099 due in 2013).

Tools and Aids

The AICPA is now in a routine of documenting a doing efforts with regards to a new Form 1099 provision.  We will post a suggestions and information on a altogether knowledge as shortly as available. 

AICPA Tax Division Advocacy Efforts

On Jul 19, 2010, a AICPA submitted a letter to a Senate and House in support of dissolution of territory 9006 of a Patient Protection and Affordable Care Act.

About Emil Estafanous, CPA
Certified Public Accountant (CPA) Tax Professional committed in representing taxpayers and resolving their tax problems.

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