[artshow_photo] The 'new' IRS Rules

I checked with my CPA's office and heard back.

Regarding the 1099's, yes there is new law in 2010.
1) Old laws didn't require incorporated businesses
except for legal fees to receive 1099's. New law - ALL companies
including incorporated businesses are to receive 1099's if paid more
than $600.00.
2) Old law, if services could be separated from
materials and supplies purchased, only a 1099 was required for the
services rendered. New law ALL services AND materials are to be
reported on 1099's.

The IRS is attempting to track the money flow for all businesses to
make sure that the income is being reported completely. Bad news, it
is going to be a 1099 nightmare to obtain the required TINs and
produce all the required 1099's.
As the end of the year gets closer and the 1099's are due, I hope
that there will be some adjustments to the requirements. I would
recommend that you get started with the W-9's trying to obtain Id
numbers from your major suppliers.

Fortunately I record everything in Quickbooks and can [probably] spit
out a report of all vendors who whom I have paid a total of 600+ this
year....at least I hope so

--
Victoria L. Herring, Gallery: http://gallery.journeyzing.com/
[images, ordering site]; Blogs: http://blog.journeyzing.com [JZ];
http://www.herringlaw.com [lawfirm]; Chicago Photo Forum Int'l. Comp.
Award of Excellence, 2010 [http://www.chicagophotoforum.org];

__._,_.___

Messages in this topic (1)

Recent Activity:

• New Members 12
• New Links 1

Donate to support the ArtShowPhoto Forum at
http://artshowphoto.com/support.htm

PLEASE READ....PLEASE TRIM POSTS!!! Keep quoted material short.
Repeat or create accurate subject lines.

If you want to advertise services related to art shows or photography, either in a forum post or on the resource web site, please contact the forum owner for permission.

Resource web site at
http://ArtShowPhoto.com