The IRS issued new reporting regulations for tax year 2011 1099-MISC form. These regulations will exclude some forms of payments from the 1099-MISC form; instead, the payments will be reported on the new third party form 1099-K.
If you have made payments to vendors in tax year 2011 you will only need to report certain types of transactions and exclude others. Intuit is aware of these compliance changes and has updated the 1099 Wizard in QuickBooks 2012 to include payment exclusion features to comply with the 1099-MISC regulation changes. Intuit is continuing to work on solutions for all customers.
Here are several resources:
For additional information on the new IRS requirements please visit the links below:
- Explanation of final regulations published by the IRS on the new payment card reporting requirements:
- IRS Third Party Reporting Information Center Link
- Visit the support page on Intuit® Payroll for additional information on the new IRS 1099-MISC regulations and updates from Intuit.
- Download R5 for QuickBooks 2012 to take advantage of the new 1099 Wizard.
Give us a call 760-722-6839 if you need additional assistance with your 1099 filings for 2011