Bill looks to rein in the new 1099-K requirement

02/8/2012 | FindLaw

Two lawmakers are pushing for legislation to prevent the full implementation of the 1099-K tax form. Companies that exceed a certain threshold of transactions are supposed to use the forms to compare the figures reported on their taxes to their actual business activities, but some say those numbers won't necessarily match up. The IRS has deferred the 1099-K reporting requirement for 2011.

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