CRS Report Explains New 1099 Reporting Requirements
September 9, 2010
The Congressional Research Service has published a report addressing the expansion of the Form 1099 information reporting requirements enacted last year. Under the new rule, beginning in 2012 institutions will be required to report all aggregated payments of $600 or more paid annually to a single vendor for the purchase of property, goods, or services.
Earlier this year, IRS requested comments on the implementation of this new requirement. NACUBO is currently developing a response . For details, see our July 13 news article. Final rules are expected from the IRS sometime next year.
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