Changes to IRS Reporting Regulations for 1099-Misc Tax Year 2011
The IRS issued new reporting regulations for tax year 2011 1099-MISC form. These regulations will exclude some forms of payments from the 1099-MISC form; instead, the payments will be reported on the new third party form 1099-K.
If you have made payments to vendors in tax year 2011, you will only need to report certain types of transactions and exclude others. Intuit is aware of these compliance changes and working on solutions for all customers.
Visit our support page on Intuit Payroll for additional information on the new IRS 1099-MISC regulations and updates from Intuit.