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Movement on Repeal of both 1099s - Emil Estafanous, CPA : Emil Estafanous, CPA

Movement on Repeal of both 1099s

The cabinet action, that also done changes to a taxation credit enacted in a health caring remodel law,  follows advocacy by AICPA and others to revoke a poignant weight on taxpayers.  “The unusual weight placed on people in this proceed distant outweighs any intensity benefit,” Patricia Thompson, Chair of a Tax Executive Committee, commented in created testimony to a House Ways and Means Committee regarding  a new 1099 stating requirements.   There is also a weight on practitioners to settle how a manners will request so they can advise their clients accordingly.   Thompson pronounced some-more specifics are needed, quite to settle when a law relates to a taxpayer’s primary residence. For example, will someone who pays a plumber in Jan be compulsory to news a remuneration even yet a skill was not rented until March?

In a letter  to Treasury, Thompson endorsed that a IRS and Treasury Department settle a beauty duration of 6 months to a year before taxpayers turn theme to any penalties to concede time for them to turn wakeful of a requirements, indicating out that many taxpayers are not expected to be wakeful of a law until they deliberate with a practitioner, that might be after a Jan. 31 deadline to yield a 1099 to a provider:

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

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