Small Business Hit with Costly IRS Reporting

The Small Business Jobs Act of 2010 mandates that as of Jan.1, 2011, independent landlords must file IRS Form 1099 for transactions totaling more than $600.00 in a year. In addition, according to a report from the National Association of Home Builders (NAHB), beginning in 2012 all businesses will be required to file 1099s for all transactions with a particular vendor in one year. The Association says the funds spent on bookkeepers and accountants to prepare and file these added forms will cost thousands of dollars extra each year, and that these funds could be better spent hiring additional workers to grow their businesses

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