I wouldn't get too crazy about this yet. The IRS is already looking for ways to streamline this requirement. FRANC
-----Original Message----- From: MoPo List [mailto:[email protected]] On Behalf Of Captain Bijou Sent: Sunday, July 11, 2010 7:03 AM To: [email protected] Subject: [MOPO] New tax law: 1099s for vendors.... Fellow MoPoers: You may be unaware of nex tax law provisions, which kick in at the start of 2012, require any taxpayer with business income to issue 1099 forms to all vendors from whom they purchased more than $600 of goods and services that year. So, if you sell one poster -- or a cumulative total -- over $600.00 to a fellow dealer, you'll have to send him or her a 1099 in 2012. If you are a dealer, such as myself, and buy over $600.00 from a vendor such as Bruce or Heritage, you will be issued a 1099 to accompany your 2012 tax return. This new law, as it currently stands, means that I, personally, will be issuing and/or receiving at least 40-60 1099s in 2012. I shudder to think how many Bruce, Kirby, Heritage and the rest of my fellow MoPo members will be receiving and/or sending. You can read the CNN Money article on this subject by clicking the below link: http://money.cnn.com/2010/07/09/smallbusiness/irs_1099_flood/ Earl Blair CAPTAIN BIJOU www.captainbijou.com Visit the MoPo Mailing List Web Site at www.filmfan.com ___________________________________________________________________ How to UNSUBSCRIBE from the MoPo Mailing List Send a message addressed to: [email protected] In the BODY of your message type: SIGNOFF MOPO-L The author of this message is solely responsible for its content. Visit the MoPo Mailing List Web Site at www.filmfan.com ___________________________________________________________________ How to UNSUBSCRIBE from the MoPo Mailing List Send a message addressed to: [email protected] In the BODY of your message type: SIGNOFF MOPO-L The author of this message is solely responsible for its content.
