Starting in 2012 banks have to report credit card income on 1099s for receipts in 2011. There was a 28% withholding requirement on inomce (backup withholding) if the bank didn’t get a valid taxpayer ID. Now that will be put off until 2013. Here is an article on it:http://www.accountingtoday.com/news/IRS-Postpones-Credit-Card-Withholding-Requirements-60665-1.htmlThis gives businesses a year to get it right before the backup withholding starts.
Brian’s Tax Musings
We have all been hearing talk about Super Committee (No not Stupid Committee) coming up with budget adjustments of 1.2 trillion dollars. WHat have they done are how are they doing? Here is an article about it:http://www.accountingtoday.com/news/Congressional-Supercommittee-Takes-Tax-Reform-60747-1.htmlWe will see if any part of the government or a committee they put together can agree on anything.
Brian’s Financial Musings
Hey, if you are fed up with your big bank and are planning to change, read this article first. It will give you a few pointers:http://www.latimes.com/business/la-fi-switching-banks-20111030,0,2651355.story?page=2&utm_medium=feed&track=rss&utm_campaign=Feed%3A%20MostEmailed%20%28L.A.%20Times%20-%20Most%20E-mailed%20Stories%29&utm_source=feedburnerNow you have more info to try and make the change.