Goodbye Pesky New 1099 Reporting
As we have posted here several times, last year, a new law was put into place that required reporting of all transactions over $600 to any vendor in a year. This included paying gas to the local coop, buying your fertilizer, etc.
Yesterday, the Senate passed a bill which President Obama is expected to sign quickly a repeal of this new law. This is great news for all farmers and anybody in business.
However, please note that the old form 1099 reporting requirement for services is still in effect.
On a personal note, this tax season has gotten even busier for me and I will try to get back to my normal routine, but it may be a couple of more weeks to go. I hope everybody has a good grip on their income tax situation since I know 2011 is looking even more profitable for farmers.
I hope to start posting more very quickly.
Paul Neiffer is a certified public accountant and business advisor specializing in income taxation, accounting services, and succession planning for farmers and agribusiness processors. Paul is a principal with CliftonLarsonAllen in Walla Walla, Washington, as well as a regular speaker at national conferences and contributor at agweb.com. Raised on a farm in central Washington, he has been immersed in the ag industry his entire life, including the last 30 years professionally. Paul and his wife purchase an 180 acre ranch in 2016 and enjoy keeping it full of animals.
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