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|Developing, and helping others to develop, small to medium sized Businesses.
Emphasis on Customer Service and quality products and delivery
Internet Marketers, the IRS and 1099′s
If you are in Internet Business,
start today to gather information
for the IRS NEW 1099
Too many Internet Marketers and MLM
distributors fail to address their Business as a
But anyone who wants to file an IRS Schedule C, to enjoy the deductions, falls under the heading BUSINESS.
As part of the Patient Protection and Affordable Care Act signed into law March 23, 2010, by President Barack Hussein Obama, businesses will be required to report payment of over $600 per year of goods or services made to anyone, including corporations, except for entities exempt under 501 (a),
which are charities and the like. Section 9006 of the Act amended Section 6041 of the Internal Revenue service code, go ahead, look it up. This
change in information reporting has been discussed for a long time as a means of tracking down more tax cheats, but until now Congress had
not acted upon it. (Easier to sneak it into 2000 plus page Bill, that no one read anyway)
The requirement for information reporting starts in 2012. This start date suggests that means your business will need to be gathering reporting
information in 2011, so it can be reported on your year 2012 1099s.
Prepare yourself NOW for the process...
So what do you need to do now? Start getting w-9s from everybody including corporations: you must have a current address and valid Tax Payer Identification Numbers (EIN or SSN) for any vendor you routinely pay more than $600 per year for goods or services, starting in 2011
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