New Form 1099 requirement

[AccTaxMan]

So what about if you paid more than $600 to Office Depot for office supplies? Does that mean you will have to issue a Form 1099 to Office Depot?

And almost every contractor needs to issue a Form 1099 to Home Depot???

Have I missed something?

[solomon]

So what about if you paid more than $600 to Office Depot for office supplies? Does that mean you will have to issue a Form 1099 to Office Depot?

And almost every contractor needs to issue a Form 1099 to Home Depot???

Have I missed something?

Yes, you missed the year. Assuming it is not repealed (which it will be), that portion of PL 111-148 becomes effective in 2012.

[BP.]

Yes, you missed the year. Assuming it is not repealed (which it will be), that portion of PL 111-148 becomes effective in 2012.

And not if a credit card is used.

[AccTaxMan]

Yes, you missed the year. Assuming it is not repealed (which it will be), that portion of PL 111-148 becomes effective in 2012.

If not repealed, this is going to save the Postal Service (which is in deep financial trouble as what I have heard of). Just imagine how much more business they are going to get with all these Form 1099s being sent around.

[Burke]

So, the part about sending a 1099 to corps? Is that 2012 also? Say, for contract services?

[BP.]

So, the part about sending a 1099 to corps? Is that 2012 also? Say, for contract services?

Yes, and expanded to include goods/merchandise. The top of TTB 1-11 has a concise couple of paragraphs.