I have a corporation and have a question about the new tax law sending 1099's to corporations for purchases over $600. Does this go in effect in 2011? Or 2012?

Get Ready for Onerous New 1099 Reporting Rules | AccountingWEB.com''

They are in effect for 2011

That is true, but they will NOT have to be originated until January 2012.

Hopefully, Congress will wake up and repeal that portion of the law before then.

HOLD ON!

Last paragraph of Fr Chuck's link is as follows:

Fortunately, the new Form 1099 reporting rules (including any backup withholding implications) don't cover payments made before 2012. So there's still plenty of time to plan for what is likely to be a daunting task…use it wisely!

I read this to mean it does NOT go into effect until 2012, with Form 1099-MISC to be originated in 2013.

So as a corp. will I be expecting a 1099 from someone I have done for work in 2011?

So as a corp. will I be expecting a 1099 from someone I have done for work in 2011?

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Originally Posted by under_the_sea

So as a corp. will I be expecting a 1099 from someone I have done for work in 2011?

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Please use the "Answer this question" box to ask follow-up questions, not the comments box.

But no - you will not receive any 1099's on business conducted in 2011. You will start to receive 1099's on business conducted in calendar 2012, but the actual timing of when you will start to receive them will depend on each company's fiscal year.

Thank you for the answers... sorry about follow up question