The Trade Preferences Extension Act of 2015 significantly increases the penalties imposed for failure to file 1099 information returns and payee statements. For EACH 1099 “failure to issue”, the penalty is being increased from $100 to $250. For taxpayers who “intentionally disregard” the 1099 filing requirements, the per failure penalty is increasing from $250 to […]
For tax years beginning in 2016, the IRS has increased the threshold for applying the “de minimis safe harbor” for the majority of business taxpayers. For the 2014 and 2015 tax years, the amount was $500 per invoice or item. The new amount is $2,500 per invoice or item. This provision allows the deduction of […]
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