[artshow_photo] Re: The 'new' IRS Rules

This doesn't start for a while. Starts with purchases made in 2012. We've got some time still. By the time this is supposed to have started it will have either been repealed or severely modified.

--- In artshow_photo@yahoogroups.com, "Victoria L. Herring" <victoria@...> wrote:
>
> 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];
>

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