Posts Tagged ‘withholding’

To narrow the federal deficit, the IRS plans to add new 1099 reporting requirements, according to a report from the American Institute of Professional Bookkeepers.

These include:

• Payments to corporations would require a 1099 when they exceed $600 annually.
• Independent contractors would be subject to withholding if they do not provide a valid TIN—i.e., employers would have to verify TINs.
• Landlords would have to file 1099s on payments to service providers such as plumbers and carpenters.