New Form 1099 Requirements

IRS issued Notice 2010-51 seeking comments on the new Form 1099 reporting requirements. T he new healthcare legislation requires all payments to be reported to IRS on Form 1099. If you feel strongly about such new regulatory burdens, the IRS wants to hear from you 9/30/2010. The Notice 2010-51 clearly applies the new Form 1099 to payments starting after 12/31/2011. So 2012 is the first year of the new requirements.