More information reporting in proposed tax overhaul

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in Compensation and Benefits,Human Resources

President Obama's proposed tax overhaul includes more information reporting to help ferret out tax evaders. The administration has proposed that 1099 forms would be required for payments to corporations of more than $600 a year.

Similarly, landlords would have to issue 1099s to service providers like plumbers and landscapers (although short-term rentals would be exempt). And income tax withholding could be imposed on independent contractors who fail to provide a valid taxpayer ID to the firms they do business with. Finally, tax filers with foreign accounts would have to comply with new disclosure rules.

 

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