Extended reporting on payments and income required

National Health Care Reform Legislation, requirements, tax changes, Uncategorized — By on July 6, 2010 at 7:11 AM

Expands obligation of persons engaged in a trade or business to report on payments of other fixed and determinable income or compensation. Extends reporting to include payments made to corporations other than corporations exempt from income tax under section 501(a). Also expands the kinds of payments subject to reporting to include reporting of the amount of gross proceeds paid in consideration for property or services.

Source: NAHU

 

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