Oskaloosa, Iowa 52577 | Commencing NOW..........for 1099's required to be filed in 2013...........all transactions have to be reported, even those with corps.
So..............you could receive everything in cash, and if the payors do their job, they will still report everything to IRS.
Now.........maybe someone knowledgeable can explain to me how the IRS is going to look at tax returns, and separate the 1099's vs other transactions.......... answer...........they will change the forms, and require all of your transactions that should have been reported on 1099's to you to be reported on its own line.
They started it on the 2011 Sch F, and Sch C..........have to answer the question as to whether or not all 1099's were properly issued...........
The electronic age is here............and the operators of those high tech systems are not any smarter...........which means a whole lot of future headaches...........just from having to compare numbers generated by one computer against those from another. |