Happy 4th of July!
We hope everyone is having a great summer and wish you all a wonderful 4th of July weekend!
This continues to be a year of big tax changes. Congress is currently working to push through a host of tax changes that will affect taxpayers this year and in future years. I have included a couple of articles in this newsletter about some potential changes for S-Corporations and a major change increasing the annual 1099 reporting requirements. Most businesses will be affected by these changes. We will continue to keep you up-to-date throughout the year as more changes come about that will affect your tax situation.
We'll be working hard throughout the summer, so if you have any questions about your business or taxes, please don't hesitate to contact us. Enjoy this month's newsletter! |
Businesses and not-for-profit organizations are accustomed to IRS rules that require them to report certain payments on annual Form 1099 information returns. However, the recently enacted healthcare law imposes surprising new Form 1099 reporting requirements. Complying with them may add significantly to your organization's paperwork burden. While the new rules don't apply to payments made before 2012, it's not too early to start gearing up to deal with them.
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