The Internal Revenue Service is seeking public comment on how to most effectively carry out recent Form 1099 reporting related changes in the law. These changes, starting in 2012, will require businesses to report a wider range of payments to contractors, vendors and others. Consequently, the IRS is seeking guidance, through your comments, so as to better implement the new laws and avoid putting an excessive burden on both you and the IRS. Comments are requested on the following topics:

 
1.) P-Cards: Under a proposed regulation, many business purchases made with credit or debit cards would be exempt from the new reporting requirement because they are already reported by banks and other payment processors. The IRS seeks comments on additional circumstances in which duplicate reporting might otherwise occur and on rules that would prevent such duplicate reporting.

2.) The March 2010 change, effective 2012, requiring expanded existing reporting requirements to include a business’s payments related to goods and other property.
 
3.) The March 2010 change, effective 2012, requiring expanded information reporting requirements to most corporations (with exceptions for legal and medical service providers notwithstanding these payments are currently exempt from reporting).

There are three ways to submit comments, including by email so act now as the deadline to respond is September 29, 2010. Further details are in IRS Notice 2010-51.