UPDATED: Changes to IRS Reporting Requirements for 1099-Misc Tax Year 2011
UPDATED: We now have a fantastic video you can watch to help get you familiar with preparing a 1099 in QuickBooks Online with the new reporting requirements.
The IRS has issued new reporting requirements for tax year 2011 1099-MISC form. These requirements will exclude some forms of payments from the 1099-MISC form that will instead be reported on the new third party form 1099-K.
If you've made payments to vendors in tax year 2011, you'll only need to report certain types of transactions and exclude others. Intuit is aware of these compliance changes and working on solutions for our customers.
For additional information on the new IRS requirements please visit the links below:
- Explanation of final regulations published by the IRS on the new payment card reporting requirements: http://www.irs.gov/govt/fslg/a...
- IRS Third Party Reporting Information Center Link: http://www.irs.gov/taxpros/art...
