BizSugar.com › Finance › 3 New 1099 Rules You Should Know About

One method the IRS uses to ensure that income is being reported is to cross check it against information returns filed by third parties reporting the income. As the “tax gap” (the spread between taxes actually collected and what should be collected) has grown, the government has created new reporting rules. Here are three new 1099 rules that could affect you and your business.