Starting in 2011, landlords will be required to issue 1099’s for all vendors paid more than $600 in fees for that fiscal year. There will be an exemption for those who have a temporary rental. The IRS also has the ability to exempt landlords below a certain
rental income limit. My question is how will they execute this without having all of those tax ID numbers on file to connect the dots for the IRS.
No wonder the economy is not growing. Small business is too burden with tax compliance and tax payments to actually earn money. I can’t decide who is worse ; the politician’s or those of us that elect them to a 90% incumbency rate, then complain about their
policies. Rome is burning as the Roman’s stare in wonderment at the dazzeling auburn sky sipping red wine and eating grapes in their soft linen robes.
Don’t get me started…….