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Small Businesses, More NEW Reporting Rules
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Last week, there was a very interesting article in USA Today. I would like to take this opportunity to share this new reporting rule for all small business owners. IRS mandated all Small Business Owners to issue 1099-Miscellaneous not only for those hired Independent Contractors and LLC companies but to ALL VENDORS. IRS expects to make up the billion gap budget deficit by having this new tax law in effect. Therefore, I strongly advice to all Small Business Owners to keep your bookkeeping records intack and accurately so that it will be less headache when filing your annual tax returns. Furthermore, by having accurately bookkeeping records, it will save you trouble to be audited and to be penalized in the near future.

This will be in effect for new tax law requirement in 2012. Below, please find the link of USA today.

http://www.usatoday.com/money/smallbusiness/2010-07-08-taxreporting08_ST_N.htm



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Marita Rosado, Rosado Accounting Services
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