The Senate passed HR 4 – which repeals the 1099 requirements for next year. Since this is the House bill, it now goes to Obama for his signature. He said he would sign, so it looks like this stupid law may finally be gone.
Brian’s Tax Musings
If you have not filed a previous year tax return and you think you are due a refund, you better get going! There is a statute of limitations of three years from the date the taxs return is due to claim a refund. After that it expires and you are not entitled to it anymore. On the other hand, if there is tax due, the IRS can demand payment on a return until three years after it is due or three years from when it is filed, whichever is later. So if you haven’t filed the IRS can collect on it forever (Theoretically of course.)
Brian’s Tax Musings
The talk now is that the Senate will vote on the 1099 repeal Tuesday. See this link:http://www.jckonline.com/2011/04/01/senate-voting-on-1099-repeal-next-weekWill let you know what happens.