Legal Affairs News

BE PREPARED: Broker Tax Reporting Changes in 2012 Regarding 1099 Misc. and W-9 Forms

Tucked away in the health care reform bill is a dramatic change in the 1099 reporting requirements, designed to close the tax gap.  Effective January 1, 2012, payments to corporations in an amount greater than $600 in a calendar year must also be reported.  Additionally,  if you pay more that $600 in a year to any party (individual or corporation) as an “amount in consideration for property,” you must report the total payments on an informational return.

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