Chuck Bartok | ChuckBartok
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Internet Marketers, the IRS and 1099′s

Jan 2nd 2011 at 10:36 PM

If you are in Internet Business,

start today to gather information

for the IRS NEW 1099

Requirement

Too many Internet Marketers and MLM

distributors fail to address their Business as a

Business.

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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2 comments
Please to comment
Jul 23rd 2015 at 9:49 AM by annejerica8
Great Article. Thanks for the info. Does anyone know where I can find a blank "1099-S Form" to fill out?
   
Oct 10th 2013 at 7:16 AM by marty
thx for sharing
   

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