A trio of 1099 reporting requirements take effect this year:
1. Landlords must file 1099s if they pay a service provider $600 or more in 2011. Filings are due in early 2012. Landlords with low amounts of rental income are exempt from these rules, but the IRS hasn't announced what the threshold will be.
2. Brokers must list on 1099-B forms the tax basis of stock sold by customers. This reporting requirement applies only for shares that are purchased after 2010.
3. Credit card and debit card companies will issue 1099s on payments made in 2011 to merchants. Third-party networks, such as PayPal will have to give 1099s to payees with over 200 sales transactions and more than $20,000 in sales volume annually.
Meck CPA Austin
