Thread: Dear Landlord
View Single Post
  #14  
Old 09-27-2010, 06:00 PM
Chas H Chas H is offline
Registered User
  
Join Date: Dec 2006
Location: beautiful Bucks Co, PA
Posts: 961
Quote:
Originally Posted by dynalow View Post
Chas,

Part of the bill increases penalties for not sending 1099's too!! (I didn't want to bore everyone with details of the entire bill).

The provision in post 1 is directly from the bill. I have not seen the wire services mention the rental 1099 provision. But trust me, its in the bill.
This is typical of what's been put out so far.
http://www.businessweek.com/news/2010-09-23/small-businesses-bill-gets-final-approval-in-congress.html

Obama signed it today. Film at 6:00 no doubt.

The Bill is HR 5297
IIRC in the past there was no actual penalty for not filing a 1099, except the filer would be liable for unpaid taxes on the amount of the 1099.
The $600 threshold is ridiculous. There is talk of amending that figure to $5000, but if the bill was signed today it's too late.
Thanks for the links.
Reply With Quote