Professor Elam

Wed Jan 5 2011

Congress has created a real headache.

When the Nancy Pelosi Congress was running amok passing every regulation they could imagine, one slipped under the radar. There is a provision that everyone paying someone else more than $600 must issue a 1099 to the recipient and send the 1099s to the irs by Jan 30 2012 for Calendar Year 2011. Attempts to eliminate this odious provision in the lame duck session failed. Read the link about what an owner of multiple rental properties thinks of this. Expect the Republicans to really make an issue of this in the new Congress.