| New in 2011 |
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| Weekly Blog Entries |
| Written by Cathy Cavanagh |
| Sunday, 05 December 2010 22:10 |
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Small Businesses will have a lot more compliance requirements in 2011. I honestly think big business simply wants small business to go away. The major requirement is that every Vendor (i.e. any business whether corporation or individual) that you pay over $600 to, you are supposed to give them a 1099 at the end of the year for the gross amount you paid them. The means the local office supplu, Dell, Costco etc. etc. - it's a nightmare. We are hoping it's deferred for at least 2 years since the IRS is saying they are not even in the position to administer it yet.
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