Category:1099-MISC

From TaxAlmanac

This category page will contain discussions that have been manually categorized as dealing with 1099-MISC issues. Not all relevant discussions get categorized, so please also use the search box; for best results search on "1099-MISC" including the quotes, otherwise the hyphen may cause the search engine to report invalid results. You may also find results under "1099MISC" without the hyphen, or "1099 MISC" with a space instead of the hyphen.

Hot Topics

New 1099 questions (for 2011 tax year)

• Discussion:New 1099 question on tax returns – 2/17/12
• Discussion: 1120S Schedule B line 10a (1099s)
• Discussion:CMA procedure for new 1099 questions on Sch C/F?
• Discussion:Schedule C 1099 Questions on '11 Returns – 2/5/12
• Discussion:1099 Rental What Box to Check on Tax Return Regarding 1099
• Discussion:A whole new headache - comments on the new Sched E
• Discussion:Argument over 1099s for landlords--repeal, etc....

This is a partial list; there have been at least that many more; they will be found and added to the list later. The list is sorted by schedule, more or less (B, C, E, etc.), but that will also be improved later.

IRS and FTB insisting on 1099s to support deductions

• Discussion:Disallowed deduction for 1099 not filed
• Discussion:IRS Disallows Contract Labor when....?
• Discussion:CA - Deductions Disallowed Due to Non-Filed 1099.

Repeal (PL 112-9, 2011)

On April 14, 2011, the president signed HR 4, which repeals the new 1099 provisions from both the Small Business Jobs Act (rentals/landlords) and those from the Health Care Bill. The Senate passed this bill on April 5, and the House had already passed it on March 3.

Do read this late-2011 discussion about the scope, w/r/t rentals: Discussion:Argument over 1099s for landlords--repeal, etc.....

RENTALS - HR 5297, Small Business Jobs Act of 2010 (repealed)

This act increases information reporting penalties (Sec. 2102 of the act) and (Sec. 2101 of the act) requires all persons receiving rental income from real property to file information returns to the IRS (expanding prior information reporting requirements to those who may not previously have considered their rental activities to rise to the level of a trade or business), effective for years beginning after 12/31/10 (i.e., for payments made in 2011 that will be reported in 2012).

Related discussions:

• Discussion:New Jobs Act passed by the House
• Discussion:1099 reporting now required for rental properties - 2010 Jobs Act
• Discussion:Rental Owners Filing 1099s for 2011

CORPS - HR 3590, Patient Protection and Affordable Care Act (PPACA), 2010 (repealed)

This act amends Sec. 6041 on information reporting to make 1099-MISC requirements also apply to corporations, beginning with payments in 2012 (for 2013 reporting). See Sec. 9006 of the act, which is also referred to as the Health Care Act.

Related discussions, articles, and guidance:

• Discussion:New 1099-misc reqmts
• Discussion:Health Care Credit and new 1099 requirments
• Discussion:New 1099 Requirements (specifically, Shulman's credit card/cash remarks)
• Notice 2010-51 - Request for comments on new information reporting (1099-MISC) requirements
• Health Care Act of 2010 - overview; links to legislation and technical analysis

1099-K - HR 3221, Housing Assistance Tax Act of 2008

Section 3191 of this act adds Sec. 6050W to the code. This resulted in the creation of a new form, the 1099-K, for reporting of credit card and third-party processing payments. The 1099-K is to be filed by payment settlement entities (the credit card companies/third-party processers), for payees (card holders, etc.) with payments exceeding $20,000 per year and more than 200 transactions per year. The reporting requirement starts with 2011 payments. There are also new requirements for backup withholding.

Related discussions, articles, regs, notices:

• Discussion:1099-K question (regarding correspondence from the IRS/reconciliation of 1099-K)
• Discussion:IRS Letter 5036 re: Form 1099-K (more on the new correspondence from the IRS)
• Discussion:1099-K Cell Phone Store (gets into various reconciling items like gross receipts, third party collections, etc.)
• Discussion:PayPal Account Used By Friend
• Discussion:Expense Classification (more about third party collections/agents)
• Discussion:IRS Gets it Wrong with Form 1099K (tips, etc.)
• Discussion:1099-K..notice_that_AmEx_will_use_them_starting_2011
• REG-139255-08
• Discussion:1099 reporting now required for rental properties - 2010 Jobs Act (tangentially)
• American Housing Rescue and Foreclosure Prevention Act of 2008 - overview; links to legislation and technical analysis
• IRS article - deferral to tax year 2012 for requirement to report 1099-K items separately on tax returns

DISCUSSIONS and articles labelled with this category

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