Nonprofit Alert: Form 1099 Reporting and Tax Legislation: Summary of Changes, August 2010

August 1, 2010 | Download PDF

Section 6041 of the Internal Revenue Code lays out the basic requirements for Form 1099 reporting. The Patient Protection and Affordable Care Act of 2010 includes a significant amendment to Section 6041, which now requires 1099 reporting for any payments aggregating $600 to a supplier per year. The new amendment will now create filing and reporting requirements for all for-profit corporations. The definition of a corporation that is contained in the amendment includes an exclusion or modification for tax-exempt corporations.

SUCCESS IS PERSONAL Click here to learn more about our brand