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TAX REPORTING

Will I Really Have to 1099 Starbucks For Spending Over $600?

By The BIDaWIZ Team on October 4th, 2010 at 4:51 pm

new-1099-filing-requirements
That's right folks. Beginning in 2012, the IRS will require 1099 MISC forms to be issued by the purchaser for business purchases exceeding $600 for the TAX YEAR. This means that even purchases of Starbucks coffee beans over $600 would meet the 1099 requirement. This obviously puts a significant administrative burden on businesses, especially small ones, that are already facing tough economic times. Given this info, let's look at ways to prepare for this new 1099 filing requirement. 2012 is not that far away. .
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