Last year, the Small Business Jobs Act of 2010 was passed and would require rental property owners and small businesses to issue 1099s to vendors that were paid more than $600 during the year, beginning with 2011. This law was not warmly welcomed by the affected parties. This created more paperwork for already overwhelmed business and property owners. How would you like to be required to issue a 1099 to every plumber, painter, electrician, landscaper, lawyer, accountant, etc that you paid more than $600? Would you even know how to issue them or would that be an added expense to your accounting bill? Fortunately, the Small Business Paperwork Mandate Elimination Act of 2011 was passed this Spring bringing this to an end. No need to panic and issue those 1099 forms this year.
Landlords, No need to issue 1099s for 2011