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House and Senate spar on repeal of 1099 reporting rule
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Last week, the U.S. House of Representatives passed H.R. 4, a bill repealing the health care reform law provision that requires businesses to furnish 1099 statements to corporate vendors. The House bill has been returned to the Senate where it faces an uncertain fate.
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Read On...
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Blog: A conversation about family business
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Do you realize that U.S. family businesses represent 50% of GDP, 60% of employment, 78% of new jobs created, and 35% of Fortune 500 companies? Family businesses are often your vendors, customers, and competitors.
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Read On...
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There's no question that the tax gap is real. The IRS estimates that almost 20 percent of the total tax liability of the nation goes unpaid every year by individuals and businesses that underreport income. Hundreds of billions of tax dollars never get paid. The 1099 reporting rule was designed to combat this shortfall.
Read On...
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Best wishes,
Gail Perry, CPA
Editor-in-Chief
editor@accountingweb.com
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